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Bitcoin Falls Off a Cliff Again as Cryptocurrency Slump Deepens

Eric Lam


Cryptocurrencies dropped sharply for the second time in less than 24 hours, sinking toward a nine-month low amid concern that broader adoption of digital assets will take longer than some anticipated.

Bitcoin, the largest cryptocurrency, tumbled as much as 9.8 percent and was trading at $6,420.43 as of 9:02 a.m. in Hong Kong, according to Bloomberg composite pricing. The Bloomberg Galaxy Crypto Index, a gauge of the largest digital currencies, traded near its lowest level since November 2017 as rival coins Ripple, Ether and Litecoin also fell.

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Business Insider reported on Wednesday that Goldman Sachs Group Inc. was pulling back on near-term plans to set up a digital currency trading desk, while prominent exchange platform ShapeShift AG also said it will begin asking users for personal information.

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