Bitcoin starts new year by declining for the first time since 2015

The cryptocurrency fluctuated in early Asian trading on Tuesday after a volatile 2017

epa06407076 A Bitcoin is pictured in Duesseldorf, Germany, 27 December 2017. Wild swings in the price of bitcoin took a pause, after it temporarily dropped to 10,800 US dollar. The cryptocurrency's value plummeted by nearly a third last week, and was dealt another potential blow when the Israeli Securities Agency said it would bar companies trading in bitcoin from operating on the Tel Aviv stock exchange and investigate how to regulate the digital currency because of concerns about volatile prices.  EPA/SASCHA STEINBACH
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Bitcoin is having a bad year already.

For the first time since 2015, the cryptocurrency began a new year by declining, extending its slide from a record US$19,511 reached on December 18.

The virtual coin traded at $13,624.56 as of 5pm in New York on Monday, down 4.8 per cent from Friday, according to data compiled by Bloomberg. That is also down from the $14,156 it hit Sunday, according to coinmarketcap.com, which tracks daily prices. The cryptocurrency fluctuated in early Asian trading on Tuesday.

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Bitcoin got off to a much stronger start last year, and then kept that momentum going, helping to create a global frenzy for cryptocurrencies. It rose 3.6 per cent on the first day of 2017 to $998, data from coinmarketcap.com show. It ended the year up more than 1,300 per cent.

That rally drew a growing number of competitors, and last month brought Bitcoin to Wall Street in the form of futures contracts. It reached the December 18 peak hours after CME Group debuted its derivatives agreements, which some traders said would encourage short position-taking.