Connect with us

Business News

Bitcoin extends slide to below $4,500; loses 30 percent in a week



FILE PHOTO: Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) – Bitcoin tumbled more than 7.5 percent on Tuesday to below $4,500 BTC=BTSP, knocking off nearly a third in value of the world’s best-known cryptocurrency’s losses within a week as a selloff in digital currencies intensified across the board.

Other cryptocurrencies also fell sharply, with Ethereum’s ether losing 10 percent ETH=BTSP and Ripple’s XRP XRP=BTSP down 13 percent in a largely sentiment-driven slide.

Bitcoin is now trading at $4,354.20, its lowest level on the Bitstamp exchange since October 2017.

Reporting by Tommy Reggiori Wilkes; Editing by Saikat Chatterjee