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Cryptocurrencies Fall Off Another Cliff

  • Report on Goldman pull-back adds to concerns over user base
  • One market watcher says next key level for Bitcoin is $5,000
Bloomberg business news
Bitcoin Tumbles as Cryptocurrencies Near Nine-Month Low
Updated on

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 $6,480, down 6.8 percent, as of 10 a.m. in New York, according to Bloomberg composite pricing. The Bloomberg Galaxy Crypto Index, a gauge of the largest digital assets, likewise pared some of an earlier decline, when it traded near the lowest level since November 2017. Rival coins Ripple, Ether and Litecoin also slipped.