Cryptocurrencies
Bitcoin Tumbles Almost 20% as Crypto Backlash Accelerates
- Lloyds joins U.S. banks in prohibiting purchases with cards
- Value of the biggest cryptocurrency drops by as much as $1,990
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Bitcoin tumbled for a fifth day, dropping below $7,000 for the first time since November and leading other digital tokens lower, as a backlash by banks and government regulators against the speculative frenzy that drove cryptocurrencies to dizzying heights last year picks up steam.
The biggest digital currency sank as much as 22 percent to $6,579, before trading at $7,054 as of 4:08 p.m. in New York, according to composite Bloomberg pricing. It has erased about 65 percent of its value from a record high $19,511 in December. Rival coins also retreated on Monday, with Ripple losing as much as 21 percent and Ethereum and Litecoin also weaker.