Cryptocurrencies
Bitcoin Whipsaws Investors as Bubble Shows Signs of Bursting
- Biggest digital token takes losses since peak to about 60%
- Rival coins including Ripple, Ether and Litecoin tumble
This article is for subscribers only.
Bitcoin whipsawed investors, falling below $8,000 for the first time since November before recovering most of Friday’s losses, as a miserable 2018 continued for cryptocurrencies.
Since reaching a record high of $19,511 on Dec. 18 shortly after the introduction of regulated futures contracts in the U.S., Bitcoin has wiped out more than half its value amid waves of negative news. Setbacks included escalating regulatory threats from authorities around the world including India, South Korea, China and the U.S., a record $500 million heist at Japanese exchange Coincheck Inc., fears of price manipulation and Facebook’s ban on cryptocurrency ads.