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Bitcoin Tumbles Back Below $8,000 as Cryptocurrencies Stumble

  • Largest digital currency had surged more than 60% in May
  • Alternative coins Ether, Litecoin and others also retreat
High End Data Cables Feed Into Servers
Photographer: Jason Alden/Bloomberg

Bitcoin fell back below the $8,000 level for the first time in more than a week to halt its most recent rally, leading a wider retreat among cryptocurrencies.

The largest digital currency slumped almost 10% and was trading at $7,930 at 8:57 a.m. in Hong Kong, its biggest retreat in about two weeks, according to consolidated Bloomberg pricing. Bitcoin touched a year-to-date high of almost $9,100 on May 30, the data show. The wider Bloomberg Galaxy Crypto Index also fell as alternative coins including Ether and Litecoin retreated.