Bitcoin extends slide as US$600 billion erased since crypto crash
Risks stemming from the US and China sparring over trade continue to plague risk assets beyond crypto
[SINGAPORE] After a week-long rout that erased hundreds of billions in digital-asset value, Bitcoin has again failed to live up to its billing as a safe harbour asset.
Once cast as a hedge against market turmoil, a “digital gold” for the blockchain age, the original cryptocurrency continued its slide on Friday (Oct 17), dropping as much as 4 per cent to US$103,550, the lowest level since June. Ether, the second-largest token, slipped under US$3,700 and has now retreated around 25 per cent from its August peak.
The total value of the crypto market has shrunk by over US$600 billion since last Friday, data compiled by CoinGecko shows.
