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Bitcoin Falls Off a Cliff Again as Cryptocurrency Slump Deepens

Published 09/05/2018, 09:35 PM
Updated 09/05/2018, 10:00 PM
© Bloomberg. Lights illuminate USB cables inside a 'mining rig' computer, used to mine cryptocurrency, in Budapest, Hungary, on Wednesday, Jan. 31, 2018. Cryptocurrencies are not living up to their comparisons with gold as a store of value, tumbling Monday as an equities sell-off in Asia extended the biggest rout in global stocks in two years. Photographer: Akos Stiller/Bloomberg

(Bloomberg) -- Cryptocurrencies 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 percent and was trading at $6,420.43 as of 9:02 a.m. in Hong Kong, according to Bloomberg composite pricing. The Bloomberg Galaxy Crypto Index, a gauge of the largest digital currencies, traded near its lowest level since November 2017 as rival coins Ripple, Ether and Litecoin also fell.

Business Insider reported on Wednesday that Goldman Sachs Group Inc (NYSE:GS). was pulling back on near-term plans to set up a digital currency trading desk, while prominent exchange platform ShapeShift AG also said it will begin asking users for personal information.

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