Bitcoin breaches $6,000

The Pak Banker - - MARKETS/SPORTS - -AP

HONG KONG: The rout in cryp­tocur­ren­cies deep­ened on Tues­day, send­ing bitcoin to its low­est level since Novem­ber, as wor­ries over tighter US reg­u­la­tion gave traders an­other rea­son to sell af­ter a bru­tal start to 2018.

The big­gest vir­tual cur­rency sank 16% to $5,981 at 8 am Lon­don time, ac­cord­ing to Bloomberg com­pos­ite pric­ing. Al­ter­na­tive coins Rip­ple, Ether and Lite­coin also tum­bled at least 16pc. The slump fol­lowed a Bloomberg News re­port that Amer­ica's two top mar­ket watch­dogs are plan­ning to ask Congress to con­sider fed­eral over­sight for dig­i­tal cur­rency trad­ing plat­forms, many of which have been op­er­at­ing in a reg­u­la­tory gray zone. Chiefs of the Com­mod­ity Fu­tures Trad­ing Com­mis­sion and Se­cu­ri­ties and Ex­change Com­mis­sion (SEC) will ap­pear to­gether at a Se­nate Bank­ing Com­mit­tee hear­ing to dis­cuss cryp­tocur­ren­cies on Tues­day.

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