Crypto losses near $700 billion in worst week since bubble burst

The great cryptocurrency crash of 2018 is heading for its worst week yet.

Bitcoin sank toward $4,000 and most of its peers tumbled on Friday, extending the Bloomberg Galaxy Crypto Index’s decline since November 16 to 23 per cent. That’s the worst weekly slump since crypto-mania peaked in early January.

After an epic rally last year that exceeded many of history’s most notorious bubbles, cryptocurrencies have become mired in a nearly $700 billion rout that shows few signs of abating. Many of the concerns that sparked the 2018 retreat -- including increased regulatory scrutiny, community infighting and exchange snafus -- have only