Crypto Wipeout Deepens to $640 Billion as Ether Leads Declines
The cryptocurrency bear market plumbed a fresh 10-month low after Bitcoin’s biggest rival tumbled and U.S. regulators suspended trading in two securities linked to digital assets.Ether, the second-largest virtual currency, slumped 8.9 perc ent from its level at 5 p.m. New York time on Friday, according to Bloomberg composite pricing. Bitcoin lost 2.1 percent, while the market capitalization of digital assets tracked by CoinMarketCap.com shrank to $197 billion -- down about $640 billion from its January peak.Cryptocurrencies have declined for five of the past six weeks amid concern that a broader adoption of digital assets will take longer than some had anticipated. That worry was underscored over the weekend after the U.S. Securities and Exchange Commission temporarily suspended trading in two exchange-traded notes linked to cryptocurrencies and Ethereum co-founder Vitalik Buterin told Bloomberg that the days of explosive growth in the blockchain industry have likely come and gone.
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