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Crypto wipeout deepens to $640bn as ether leads declines

Ether falls 10% on Monday.
Bitcoin fell as much as 3.7% on Monday and traded at $6 267.81 as of 8:40 a.m. in Tokyo. Picture: Shuttertsock

The cryptocurrency bear market plumbed a fresh 10-month low, led by a slump in bitcoin’s biggest rival.

Ether fell 10% Monday to $196.275. Bitcoin also started the week on the back foot after US regulators suspended trading in two securities linked to cryptocurrencies. The market capitalisation of digital coins has tumbled about $640 billion from its January peak, according to CoinMarketCap.com.

The move from the Securities and Exchange Commission on Sunday to halt trading of Bitcoin Tracker One and Ether Tracker One comes could deepen concerns that a broader adoption of digital assets will take longer than some had anticipated. Bitcoin fell as much as 3.7% early Monday and traded at $6 267.81 as of 8:40 a.m. in Tokyo.

Cryptocurrencies struggled in August as US regulators rejected another round of bitcoin exchange-traded fund proposals and last week prices came under pressure amid a report Goldman Sachs was pulling back on plans to set up a crypto trading desk. The Bloomberg Galaxy Crypto Index is down more than 72% this year.

Ethereum co-founder Vitalik Buterin told Bloomberg over the weekend that the days of explosive growth in the blockchain industry have likely come and gone now that the average person is aware of its existence.

© 2018 Bloomberg L.P

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