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Crypto Wipeout Deepens to $640 Billion as Ether Leads Declines

  • Ethereum co-founder says blockchain growth is near a ‘ceiling’
  • Bitcoin slips as SEC suspends two securities linked to crypto
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The days of explosive growth in blockchain have likely come and gone, co-founder of Ethereum says. Eric Lam reports.(Source: Bloomberg)
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The cryptocurrency bear market plumbed a fresh 10-month low on Monday as Bitcoin’s biggest rival tumbled and U.S. regulators suspended trading in two securities linked to digital assets.

Ether, the second-largest virtual currency, slumped 11 percent from its level at 5 p.m. New York time on Friday, according to Bloomberg composite pricing. Bitcoin declined 2.4 percent, while the market capitalization of digital assets tracked by shrank to about $197 billion -- down almost $640 billion from its January peak.