Bitcoin tumbled to its lowest level since February as the meltdown in the world’s largest digital currency accelerates, renewing concern about the long-term viability of the much hyped alternative to traditional currencies.
The price of the digital coin fell as low as $6,498, bringing the slide for the year to more than 50 percent. It’s down from a record high of $19,511 reached in December, the culmination of the more than 1,400 percent surge seen in 2017 as Bitcoin burst on to the mainstream.
More from Bloomberg.com: The $1.4 Trillion U.S. ‘Surplus’ That Trump’s Not Talking About
Cryptocurrencies have been beset by a string of bad news. Most recently was the “cyber intrusion” on the South Korean cryptocurrency exchange Coinrail this past weekend that appeared to result in a loss of an unknown quantity of digital currency.
Back in May, the sector found itself under increasing government scrutiny when the Justice Department opened up a criminal probe into illegal trading practices that can manipulate the price of Bitcoin and other digital currencies. And earlier that same month, Bitcoin got no love from two of the world’s wealthiest men, Bill Gates and Warren Buffett, with the latter calling the currency "probably rat poison squared."
More from Bloomberg.com: Landlords Are Practically Giving Malls Away
More from Bloomberg.com
- U.S. Inflation Accelerates to Six-Year High, Eroding Wages
- Trump Gave Kim a Summit But Left With Little to Show for It
- Trump and Kim Signed Something in Singapore. Here's What It Says
Read Bitcoin’s Collapse Accelerates, Falls to Lowest Since February on bloomberg.com