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Bitcoin tumbles below US$8,000 as cryptocurrencies stumble

HONG KONG: Bitcoin fell back below the US$8,000 level for the first time in more than a week to halt its most recent rally, leading a wider retreat among cryptocurrencies.

The largest digital currency slumped almost 10% and was trading at $7,930 at 8:57 a.m. in Hong Kong, its biggest retreat in about two weeks, according to consolidated Bloomberg pricing. At 11.06am, it was down 6.4% to $8,007.

Bitcoin touched a year-to-date high of almost $9,100 on May 30, the data show. The wider Bloomberg Galaxy Crypto Index also fell as alternative coins including Ether and Litecoin retreated.

Bitcoin is down about 6% so far in June, after its best month since August 2017 amid a resurgence in investor sentiment following months of relative inactivity.

Industry watchers pointed to renewed institutional interest this year with the likes of Facebook Inc. and JPMorgan Chase & Co. developing coins of their own.

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