Business

Bitcoin tumbles below $10,000

cryptocurrencies

Bitcoin tumbled below $10,000, bringing its loss to almost 50 percent from a record set only a month ago, as increased scrutiny from regulators around the world weighs on the digital-coin craze.

The largest cryptocurrency dropped 7 percent to $9,968 as of 9:05 a.m. in New York, its first foray below $10,000 since Dec. 1, according to consolidated pricing data collated by Bloomberg. It has fallen from a record $19,511 reached Dec. 18, and seen more than $140 billion shaved off its market value.

The selloff this week brings more trauma to a digital-coin market that has lost more than $300 billion in value just since Jan. 13. After a dizzying rally pushed Bitcoin higher by 1,400 percent last year, the latest plunge cast doubt on the viability of cryptocurrencies and the blockchain technology that underpins it.

Source: Bloomberg

Comments
To Top