Bitcoin tumbles toward $5,000

20th November, 2018 09:35:45 printer

New York: Cryptocurr-encies resumed their slump on Monday, with Bitcoin falling toward $5,000 (Dh18,365) in the wake of a split of one of the largest major tokens.

Bitcoin touched an October 2017 low and was trading at $5,235.17 at 8:50am in London, according to consolidated Bloomberg pricing. Rival coins including Ether and Litecoin also retreated, as the wider Bloomberg Galaxy Crypto Index fell as much as 6.9 per cent to a one year-low on a closing basis. XRP, the token associated with Ripple, was the lone gainer among major digital currencies, report agencies.

Volatility has returned to cryptocurrencies, with the largest tokens shedding billions in market value since the hard fork of Bitcoin Cash last week, after two software-development factions failed to agree on a way to upgrade the offshoot of the original Bitcoin, leading to a computing power arms race.

The cryptocurrency industry has now lost more than $660 billion in value from a January peak, according to data from Bitcoin is down more than 70 per cent from its December 2017 high, the data show.