RATE Group | Bitcoin falls off a cliff again as cryptocurrency slump also hits Ether, Ripple
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Bitcoin falls off a cliff again as cryptocurrency slump also hits Ether, Ripple

06 Sep Bitcoin falls off a cliff again as cryptocurrency slump also hits Ether, Ripple

Posted at 21:21h in Cryptocurrency News by

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by
Eric Lam and Justina Lee

Hong Kong | Cryptocurrencies have dropped sharply for the second time in less than 24 hours, sinking toward a nine-month low amid concern that broader adoption of digital assets will take longer than some anticipated.

Bitcoin, the largest cryptocurrency, tumbled as much as 9.8 per cent and was trading at $US6480 ($9003.31), down 6.8 per cent, as of 10am in New York, according to Bloomberg composite pricing. The Bloomberg Galaxy Crypto Index, a gauge of the largest digital assets, likewise pared some of an earlier decline, when it traded near the lowest level since November 2017. Rival coins Ripple, Ether and Litecoin also slipped.

Cryptocurrency bulls who bet an expanding user base would drive up prices have faced a string of recent disappointments. Business Insider reported on Wednesday that Goldman Sachs Group  was pulling back on near-term plans to set up a crypto trading desk. This comes…

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