Government Accused of Draining Reserves: Borissov Raises Alarm Over Billions Spent
The leader of GERB, Boyko Borissov, has raised concerns over the depletion of Bulgaria's fiscal reserves in the final days of the regular government's administration
The price of Bitcoin has plummeted in the last three days after the virtual currency hit record levels, according to The Telegraph.co.uk.
Values of other cryptocurrencies such as Ethererum and Ripple have also plunged, wiping billions off their combined values.
The currencies have exploded in value in recent months amid surging interest in initial coin offerings (ICOs), a newly-popular way for companies to raise funds.
The surging prices of Bitcoin, Ethereum and others had appeared to defy warnings of a bubble, but sceptics believe that a crash will only be a matter of time.
Bitcoin hit a record high around $5,000 (£3,870) on Saturday but started to fall shortly after, with many owners apparently taking the milestone as an opportunity to sell their investments.
It fell further on Monday when Chinese regulators announced a ban on ICOs and on Tuesday morning traded as low as $4,000, a 20pc drop in less than three days. Fears of a bubble were also possibly compounded when Paris Hilton became the latest celebrity to announce she was investing in an ICO.
Ethereum, the currency that is used in many ICOs, fared even worse, falling by almost 30pc from its $400 peak on Saturday.
Combined with falls in others such as Bitcoin Cash and Ripple, more than $30bn has been wiped off the total value of major cryptocurrencies since Saturday.
The currencies have surged this year. Bitcoin's $5,000 peak on Saturday compares to less than $1,000 at the start of the year and Ethereum had reached $400 from just $8 in January.
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Sofia, the vibrant capital of Bulgaria, is experiencing a surge in its economic landscape, surpassing the average European standard of living, according to senior researcher Peter Ganev from the Institute for Market Economics
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