Bitcoin tumbles to below $8 500 as cryptocurrency misery continues

Bitcoin dropped 8% to $8 378 at 09:05, the lowest since November 24 according to consolidated Bloomberg pricing. Rival coins Ripple, Ether and Litecoin tumbled at least 11% as losses continued to spread across cryptocurrencies.

Since reaching a record high of $19 511 on December 18 shortly after the introduction of regulated futures contracts in the US, Bitcoin has wiped out more than half its value amid waves of negative news.

• READ: SA bitcoin wallet provider attracts funding from global blockchain firm

Setbacks included escalating regulatory threats from authorities around the world including India, South Korea, China and the US, a record $500m heist at Japanese exchange Coincheck, fears of price manipulation and Facebook’s ban on cryptocurrency ads.

Japanese authorities raided Coincheck’s offices on Friday morning, a week after the robbery, hauling out documents and computers as evidence. The inspection was conducted to ensure security for users, Finance Minister Taro Aso said.