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Cryptocurrencies Plummet, With Bitcoin Breaking Below $5,000

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The slide in cryptocurrencies accelerated, with Bitcoin piercing the $5,000 mark for the first time since October 2017, amid speculation that increased regulatory scrutiny will prompt issuers of initial coin offerings to liquidate holdings.

Bitcoin declined as much as 9.1 percent to $4,958, falling for an eighth consecutive day in what is the longest string of losses on record for the 10-year-old digital token. So-called alternative coins slumped even more, with Ether tumbling as much as 13 percent and Litecoin cratering as much as 14 percent. XRP, the token associated with Ripple, was the lone gainer among major digital currencies.

Source: Bloomberg Finance L.P.

Chart: Used with permission from Bloomberg Finance L.P.


 Trader Aleksandar Kumanov

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