Bitcoin slumps as global market turmoil infects cryptocurrencies

Bitcoin slumped on Thursday to its lowest in more than two months, with traders citing a sell-off across global markets as fears of the economic damage from the coronavirus pandemic take hold.

FILE PHOTO: Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018. REUTERS/Dado Ruvic/Illustration/File photoLONDON: Bitcoin slumped on Thursday to its lowest in more than two months, with traders citing a sell-off across global markets as fears of the economic damage from the coronavirus pandemic take hold.

The biggest cryptocurrency fell 8.5per cent to US$7,250, its lowest since Jan. 3. It has lost nearly 20per cent of its value in the last five days, mirroring sharp losses for assets from stocks to oil."We've seen de-risking across all asset markets," said Jamie Farquhar, portfolio manager at London-based crypto firm NKB."Bitcoin is certainly not immune to that."

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