Bitcoin slumped through US$6 000 on Thursday, leading a rout of cryptocurrencies amid a wider global risk asset sell-off over the intensifying coronavirus crisis.

The largest digital currency at one point tumbled as low as $5 705.31, or almost 25%, though the move eased slightly and it recovered to trade at $5 932.33 at 7.02am in New York, according to Bloomberg pricing. The wider Bloomberg Galaxy Crypto Index tumbled 27%, with ether, XRP and litecoin also plunging.

“Investors are moving out of any risky assets,” said Vijay Ayyar, Singapore-based head of business development at crypto exchange Luno. “Even though bitcoin is compared to gold as a safe haven asset, it’s very under-penetrated and is considered more as a risky asset to hold at this point.” — Reported by Eric Lam, (c) 2020 Bloomberg LP