08 Jan '18, 3pm

Cryptocurrencies Are Selling Off

Cryptocurrencies Are Selling Off

Bitcoin slumped as much as 17 percent, helping to drag down smaller rivals such as ripple and litecoin, as the world’s largest cryptocurrency continues to be whipsawed by concerns about regulation and demand from Asia. “The fuss about regulators tightening screws in South Korea is pushing the price of bitcoin,” said Naeem Aslam, chief market analyst at TF Global Markets in London. “This and the Chinese news is going to bring a blip in the price.” The rout in bitcoin is part of a broader selloff in the cryptocurrency realm, with nine of the top 10 by market cap falling at least 10 percent, according to Coinmarketcap.com. Ripple tumbled as much as 31 percent to as low as $1.90, while litecoin slumped as much as 16 percent to as low as $230. Bitcoin is little changed this year after surging about 1,400 percent in 2017. Read more on how ether has surpassed ripple as the second...

Full article: https://www.bloomberg.com/news/articles/2018-01-08/bitcoi...

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