Bitcoin battered on economic fear: Cryptocurrency plunges another 12%

The value of bitcoin has more than halved since peaking late last year.

The cryptocurrency plunged another 12 per cent to below $32,000 yesterday – taking losses since November to 53 per cent. The latest slide came as stock markets around the world tumbled amid fears over the health of the global economy.

Bitcoin’s value hit a record high of more than $68,000 in November. Earlier this year Goldman Sachs, the investment banking giant, said bitcoin could hit $100,000 within five years if more investors see it as an alternative to gold.

Matt Dibb, chief operating officer of Singapore-based investment manager and crypto platform Stack Funds, said: ‘I think everything within crypto is still classed as a risk asset, and similar to what we’ve seen with the Nasdaq, most crypto currencies are getting pummelled.’