Bitcoin slumps below $7,000 as cryptos hit by risk-asset rout
Bitcoin continued its 2018 swoon as worries over tightening regulatory oversight of cryptocurrencies combined with a broader flight from riskier assets to send it to the lowest since November.
The largest cryptocurrency sank 9.5% to $6,424 as of 10:16 a.m. in Hong Kong, according to composite Bloomberg pricing. Bitcoin has now wiped out about two-thirds of its value since reaching a record in December. Alternative coins Ripple, Ether and Litecoin also tumbled at least 6%.
The sell-off comes amid a rout in stocks, with markets in Asia extending losses Tuesday following another white-knuckle day for US equities.
The two top US market regulators are planning to ask Congress to consider federal oversight for digital-currency trading platforms when they appear together at a Senate hearing Tuesday, according to testimony obtained by Bloomberg News.
It’s the latest blow for cryptocurrency operations, which have come under increasing scrutiny from authorities around the world after a dramatic run-up in prices over the past year and a record $500 million heist at a Japanese exchange.
Loading ...