Bitcoin breaches $6,000
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.