Bitcoin slumps as global market turmoil infects cryptocurrencies
It has lost nearly 20 percent of its value in the last five days, mirroring sharp losses for assets from stocks to oil
A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. Photo: REUTERS/Benoit Tessier/Illustration
Bitcoin slumped on Thursday to its lowest in more than two months, with traders citing a sell-off across global markets as fears of the economic damage from the coronavirus pandemic take hold.
The biggest cryptocurrency fell 8.5 percent to $7,250, its lowest since Jan. 3. It has lost nearly 20 percent of its value in the last five days, mirroring sharp losses for assets from stocks to oil.
"We have seen de-risking across all asset markets," said Jamie Farquhar, portfolio manager at London-based crypto firm NKB. "Bitcoin is certainly not immune to that."
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