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Bitcoin Plummets Below $6,000 to Lowest Level in Over a Year

  • Forking of Bitcoin Cash seen driving demand for liquidity
  • Fears of miners shifting to new coins adds to crypto anxiety
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Max Levchin, Affirm CEO and PayPal co-founder, discusses the performance of tech stocks and cryptocurrencies.(Source: Bloomberg)
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Bitcoin tumbled below $6,000 for the first time since August and reached its lowest level in over a year, breaking the recent stretch of tranquility exhibited by the notoriously volatile digital alternative to cash.

The world’s largest cryptocurrency tumbled as much as 15 percent, with most of the initial loss coming within a half hour window. It’s the biggest drop since February. Other digital coins slumped, with smaller rivals Ether, Litecoin and XRP dropping more than 17 percent. Bitcoin Cash tumbled as much as 21 percent as the Bitcoin offshoot faces its own split.