Bitcoin slumps as global market turmoil infects cryptocurrencies

Bitcoin slumped its lowest

LONDON: Bitcoin, a cryptocurrency, is a decentralised digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries.

Bitcoin slumped on Thursday to its lowest in more than two months, with traders citing a sell-off across global markets as fears of the economic damage from the coronavirus pandemic take hold.

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The biggest cryptocurrency fell 8.5% to $7,250, its lowest since January 3.

It has lost nearly 20% of its value in the last five days, mirroring sharp losses for assets from stocks to oil.

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“We’ve seen de-risking across all asset markets,” said Jamie Farquhar, portfolio manager at London-based crypto firm NKB.

“Bitcoin is certainly not immune to that.”

Bitcoin and other cryptocurrencies are illegal in Pakistan. It may still be possible for Pakistanis to acquire Bitcoins through decentralised exchanges or by purchasing Bitcoins from foreign exchanges, however, that would be illegal.