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Bitcoin Lost Almost 20% of Its Value This Week

  • Large exchange Coinbase tempararily halts buying and selling
  • Crypto bull Mike Novogratz shelves plans to start hedge fund
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A buying opportunity? Bloomberg’s Paul Dobson reports.Source: Bloomberg
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Bitcoin faced one of its biggest tests this week, losing almost 20 percent of its value after the world’s largest cryptocurrency reached a record high Monday.

The digital currency plunged as much as 30 percent on Friday, before paring losses, as this week’s selloff extended to a fourth day. The weekly decline is the biggest in almost three years. Other cryptocurrencies also tumbled: ethereum dropped as much as 36 percent and litecoin slumped as much as 43 percent, according to composite prices on Bloomberg.