Bitcoin sinks nearer to $3,000

Bitcoin headed for another weekly slump on Friday, with the largest cryptocurrency heading closer to $3,000 – a level unseen since September last year.

The largest digital currency edged 0.5% higher to $3,272 at 9:35 a.m. in Hong Kong after earlier tumbling as much as 6% in US hours, according to consolidated pricing compiled by Bloomberg. It remains down about 3 percent for the week.

The wider Bloomberg Galaxy Crypto Index is on a five-week losing streak.

Cryptocurrencies have wiped out $730 billion in market value from a January peak this year, according to data compiled by CoinMarketCap.com. Widespread mainstream institutional adoption failed to materialize amid ongoing security concerns and regulatory roadblocks.

A wave of bomb threats demanding Bitcoin spread across the US and Canada Thursday, including New York, Toronto and other major cities. Security researcher KrebsonSecurity posted a copy of the email on its website – the apparent scammers requested payment of $20,000 in Bitcoin. New York City’s police department said the threats were not deemed credible.


Read: Bitcoin has now plummeted more than 80% from its all-time high

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Bitcoin sinks nearer to $3,000