Bitcoin battered on economic fear

THE value of bitcoin has more than halved since peaking late last year.

The cryptocurrency plunged another 12pc to below $32,000 yesterday – taking losses since November to 53pc.

The latest slide came as stock markets around the world tumbled amid fears over the health of the global economy.

Bitcoin’s value hit a record high of more than $68,000 in November. Earlier this year Goldman sachs, the investment banking giant, said bitcoin could hit $100,000 within five years if more investors see it as an alternative to gold.

Matt Dibb, chief operating officer of singaporebased investment manager and crypto platform stack Funds, said: ‘I think everything within crypto is still classed as a risk asset, and similar to what we’ve seen with the Nasdaq, most crypto currencies are getting pummelled.’