Bitcoin sell-off accelerates, breaking below US$11,000

Bitcoin sell-off accelerates, breaking below US$11,000

A pullback in prices of bitcoin deepened on Thursday, falling over 16per cent to below US$11,000 after jumping to 18-month high of nearly US$14,000 earlier this week amid optimism about the widening usage of digital currencies.

FILE PHOTO: Jewelry with the Bitcoin logo is seen on display at the Consensus 2018 blockchain techn
FILE PHOTO: Jewelry with the Bitcoin logo is seen on display at the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018. REUTERS/Mike Segar

REUTERS: A pullback in prices of bitcoin deepened on Thursday, falling over 16per cent to below US$11,000 after jumping to 18-month high of nearly US$14,000 earlier this week amid optimism about the widening usage of digital currencies.

The world's biggest cryptocurrency has surged in value since April and has risen more than 260per cent, but it remains below its all-time high of nearly US$20,000 hit in December 2017.

At 1:43 p.m. EDT (1743 GMT), bitcoin was down 16.13per cent at US$10,836.42 on the Luxembourg-based Bitstamp exchange.

Facebook's announcement that it would offer its own cryptocurrency Libra has revived interest in digital currencies, analysts said.

Investors seeking an alternative asset to gold and U.S. bonds as a safe haven due to worries about weakening global growth also helped contribute to bitcoin's rally, they said.

(Reporting by Richard Leong in New York and Tommy Reggiori Wilkes in London, editing by G Crosse)

Source: Reuters

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