Cryptocurrencies Plummet, With Bitcoin Breaking Below $5,000

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By Vildana Hajric

November 19, 2018 at 9:53 AM UTC

Updated on

November 20, 2018 at 3:27 AM UTC

This article is for subscribers only.

The slide in cryptocurrencies accelerated Monday, with Bitcoin piercing the $5,000 mark for the first time since October 2017, amid speculation that increased regulatory scrutiny will prompt issuers of initial coin offerings to liquidate holdings.

Bitcoin declined as much as 14 percent during U.S. trading hours, falling just below $4,700 before bouncing back slightly. The largest digital currency was holding steady around $4,862 at 10:52 a.m. in Hong Kong. Rival coins Ether and Litecoin were largely flat after both tumbled as much as 16 percent overnight.