Bitcoin is back below $6,000 as almost everything crypto tumbles

Bitcoin dropped below $6,000 and dozens of smaller digital tokens tumbled as this month’s selloff in cryptocurrencies showed few signs of letting up.

The largest digital currency fell as much as 6.2% to $5,887 as of 10:44 a.m. in Hong Kong, the lowest level since June, according to Bloomberg composite pricing.

Ether sank 12%, while all but one of the 100 biggest cryptocurrencies tracked by recorded declines over the past 24 hours.

The total market capitalisation of cryptocurrencies dropped to $190 billion, from a peak of around $835 billion in January.

While Bitcoin and its peers rallied in July on hopes that a Bitcoin-backed exchange-traded fund would attract new investors to the world of virtual currencies, US regulators have yet to sign off on multiple proposals for such a product.

The letdown has coincided with growing concern that entrepreneurs who raised crypto-denominated funds via initial coin offerings are now cashing out of coins such as Ether.

Bitcoin has now dropped about 23% in August, extending its retreat this year to 58%.

Read: Bitcoin dips below $7,000 as renewed exuberance fades

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Bitcoin is back below $6,000 as almost everything crypto tumbles