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Bitcoin price falls below $5,000 for the first time since October 2017

Bitcoin declined as much as 9% to $4,958, while so-called alternative coins slumped even more, with Ether tumbling as much as 12% and Litecoin cratering as much as 13%

Representative Image
Representative Image

Cryptocurrencies resumed their slump on Monday, with Bitcoin piercing the $5,000 mark for the first time since October 2017, in the wake of increased regulatory scrutiny of initial coin offerings and the split of one of the largest tokens. Bitcoin declined as much as 9 per cent to $4,958, while so-called alternative coins slumped even more, with Ether tumbling as much as 12 per cent and Litecoin cratering as much as 13 per cent. XRP, the token associated with Ripple, was the lone gainer among major digital currencies. The Bloomberg Galaxy Crypto Index fell as much as 8.3 per cent to a ...