Bitcoin falls sharply amid concerns about adoption of cryptocurrencies

Bitcoin tumbled as much as 9.8 per cent and was trading at $6,358 as of 11:54 a.m. in London

Cryptocurrencies dropped sharply for the second time in less than 24 hours, sinking toward a nine-month low amid concern that broader adoption of digital assets will take longer than some anticipated.

Bitcoin, the largest cryptocurrency, tumbled as much as 9.8 per cent and was trading at $6,358 as of 11:54 a.m. in London, according to Bloomberg composite pricing. 

The Bloomberg Galaxy Crypto Index, a gauge of the largest digital assets, traded near its lowest level since November 2017 as rival coins Ripple, Ether and Litecoin also slipped more than 4 percent each.

Cryptocurrency bulls who bet an expanding user base would drive up prices have faced a string of recent disappointments. 

Business Insider reported on Wednesday that Goldman Sachs Group was pulling back on near-term plans to set up a crypto trading desk.