Bitcoin price at lowest level since April while FTSE 100 falls as Google boss warns there is ‘irrationality’ in AI boom

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More than $1tn (£760bn) has been wiped off the value of the cryptocurrency market in the past six weeks amid fears of a tech bubble and fading expectations for a US rate cut next month.

Tracking more than 18,500 coins, the value of the crypto market has fallen by a quarter since a high in early October, according to the data company CoinGecko.

Move to give mayors powers to raise funds through levies, but industry says it will ramp up prices and inflation

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British holidaymakers could have to pay a nightly tax on hotel stays and Airbnb-style visits in plans expected to be announced by Rachel Reeves in the budget next week.

The chancellor is reportedly preparing to give mayors powers to raise taxes by charging tourists on the cost of an overnight stay in their cities.