Bitcoin’s value slid to its lowest level since November on Friday, as waning investor interest and recent negative headlines from global regulators weakened demand for the cryptocurrency and most of its rivals.
Virtual currencies, including the best-known and biggest, bitcoin, have been stuck in a downward trend for most of 2018 after last year’s frenzied interest fizzled.
Recent hacks and the “cyber intrusion” of cryptocurrency exchanges in key Asian markets have also encouraged investors to exit.
Bitcoin fell to as low as $5,774 on the Bitstamp exchange, the lowest since November 12. It was last up 0.7 per cent at $5,891.
So far in 2018, bitcoin has tumbled almost 60 per cent after soaring more than 1,300 per cent last year. It is now down 70 per cent from its December peak.
Other cryptocurrencies .MVETH .MVXRP also slid on Friday. Ethereum’s ether, the second-biggest cryptocurrency by value, fell 4 per cent to $416, its weakest since April. Ripple’s XRP also dropped 4 per cent to $0.44, a 2018 low, according to Coinmarketcap.com.
“The frenzy surrounding crypto has ebbed and flowed with prices,” said Will Hobbs, Head of Investment Strategy at Barclays Smart Investor.