Bitcoin matches record losing run in fall to six-month low
* Bitcoin plunged as much as 9.8% from Friday’s close and was trading just above $6,700 as of 11 am in Hong Kong
* After a meteoric rise from April to June, Bitcoin lost momentum and has been gradually dropping since
SINGAPORE, HONG KONG : Bitcoin sank nearly 10% to the lowest level in six months, extending last week’s slide past the weekend on concerns about a crackdown on cryptocurrency operations by China.
The digital currency plunged as much as 9.8% from Friday’s close and was trading just above $6,700 as of 11 a.m. in Hong Kong, according to Bloomberg composite pricing. It’s the first time since May that Bitcoin traded below the key $7,000 psychological level.
The world’s largest cryptocurrency is also on track for eight straight days of declines, tying a record losing streak from 2014, according to Bitstamp pricing going back to August 2011 and including weekend trading.
“Investors can find more joy in traditional markets without the aggressive volatility and opaque markets," said Jeffrey Halley, senior market strategist for Asia Pacific at Oanda Asia Pacific Pte. “A sustained rally in Bitcoin would require a complete breakdown in the trade negotiations to happen as financial authorities across the world continue to circle the wagons against digital currencies."
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