Bitcoin Slumps to Unwind Brexit Rally Amid Hong Kong Hack: Chart

Bitcoin Tumbles After Security Breach

Bitcoin has dropped nearly 20 percent this week, giving back much of the gains that came in the lead up to the Brexit referendum that saw the U.K. vote on June 23 to quit the European Union. Bitfinex, a Hong Kong-based exchange for the digital currency, may have added to the declines by announcing late Tuesday it was halting all trades after a security breach that meant some users had their bitcoins stolen. As a medium of exchange that is unconnected to any government or central bank, bitcoin is at times sought as a haven by holders of currencies that are declining, or that are not fully convertible, such as the Chinese renminbi.

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