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Bitcoin breaches $5,000, plumbs fresh 13-month low

File photo. Photograph:( Reuters )

Reuters London, UK Nov 19, 2018, 10.44 PM (IST)

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum.

As of 1645 GMT the original cryptocurrency was down 8.7 per cent at US $5,100, after breaching the landmark for the first time since October 12, 2017.

Traders said selling was largely sentiment-driven and cited fears that Thursday's "hard fork" in bitcoin cash, where the smaller coin split into two separate currencies, could destabilise others.

Story highlights

As of 1645 GMT the original cryptocurrency was down 8.7 per cent at US $5,100, after breaching the landmark for the first time since October 12, 2017.