Bitcoin tumbled below $8,500 as a miserable 2018 continued for cryptocurrencies, with investors confronting a mounting list of concerns about the future of the industry.<\/p>\n
The largest digital currency dropped about 10% to $8,145 at 11:02 a.m. in London, the lowest since 21 November according to consolidated Bloomberg pricing. Rival coins Ripple, Ether and Litecoin tumbled at least 16% as losses continued to spread across cryptocurrencies.<\/p>\n
By 13h30, it had dropped even further, to $8,088.<\/p>\n
Since reaching a record high of $19,511 on 18 December shortly after the introduction of regulated futures contracts in the US, Bitcoin has wiped out more than half its value amid waves of negative news.<\/p>\n
Setbacks included escalating regulatory threats from authorities around the world including India, South Korea, China and the US, a record $500 million heist at Japanese exchange Coincheck, fears of price manipulation and Facebook\u2019s ban on cryptocurrency ads.<\/p>\n
\u201cBitcoin is in trouble,\u201d Lukman Otunuga, a research analyst at foreign exchange broker Forextime, wrote in a note Friday.<\/p>\n
\u201cPrice action suggests that bears are clearly in control, with further losses on the cards as jitters over regulation erode investor appetite further.\u201d<\/p>\n
Japanese authorities raided Coincheck\u2019s offices Friday morning, a week after the robbery, hauling out documents and computers as evidence. The inspection was conducted to ensure security for users, Finance Minister Taro Aso said.<\/p>\n