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Some $100 billion (£70bn) was reportedly wiped off the global cryptocurrency market as fears of tougher regulation and price manipulation hit values.

The world's best-known cryptocurrency, Bitcoin, fell below $9,000 (£6,317) on Thursday amid a major sell-off.

At 6.30am on Friday, the total market value of all cryptocurrencies had fallen by more than $100bn from the day before.

It comes after a series of negative stories spooked investors.

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India's Finance Minister Arun Jaitley said his country does not recognise cryptocurrencies as legal tender and warned of a clampdown against its use in financing illegal activities.

There were also fears among cryptocurrency investors that Bitcoin's price had been propped up artificially by a widely-used exchange called Bitfinex, the New York Times reported.

The exchange was subpoenaed by the US regulatory agency the Commodity Futures Trading Commission, according to Bloomberg.

The agency is believed to be among the biggest Bitcoin trading platforms in the world.