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Bitcoin tumble erases US$38b in value as rival cryptocurrency gains

Rival Bitcoin cash becoming more popular but Bitcoin's US$101b market value still a draw

Published Mon, Nov 13, 2017 · 09:50 PM
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Tokyo

BITCOIN plunged as the cancellation of a technology upgrade prompted some users to switch out of the cryptocurrency, spooking speculators who had profited from a more than 800 per cent surge this year.

The 9.5 per cent drop since late Friday extended bitcoin's slide from a record to about 29 per cent, according to data compiled by Coinmarketcap.com and Bloomberg. Bitcoin cash, a rival cryptocurrency that split from the original bitcoin in August, has jumped nearly 40 per cent since Friday.

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