Bitcoin slumps to below $7 500: this is why - TechCentral

Bitcoin slumps to below $7 500: this is why

Bitcoin fell to a six-week low, as selloff that began in early May dropped the cryptocurrency’s price below US$7 500 for the first time since mid-April.

Bitcoin slumped 7.3% to $7 495 as of 1.57pm in New York, according to Bloomberg composite pricing. It’s now down more than 20% since a 4 May peak.

Wednesday’s decline came after OKEx, the most active fee-charging exchange over the past day, suspended withdrawals and fiat trading to fix an error that was leading to inaccurate account balances, according to a statement on its website.

The latest hiccup comes as the world’s most valuable digital coin is mired in a slump amid growing regulatory scrutiny even after last week’s Consensus confab put the community’s optimism and excess in full display.

The declines on Wednesday also coincided with a selloff in financial markets, with stocks and commodities falling on fading optimism over the US’s talks with North Korea and China. Ethereum was also down 5% on Wednesday, while bitcoin cash fell 9%.  — Reported by Justina Lee, (c) 2018 Bloomberg LP

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