US halts cryptocurrency trading as virtual currency hits 10 month low

US halts cryptocurrency trading as virtual currency hits 10 month low

The cryptocurrency market has slumped to a 10-month low this week after the value of Bitcoin’s biggest rival tumbled.

US regulators have suspended trading in two securities linked to digital assets after Ether, the second-largest virtual currency, slumped 10pc from its level at 5pm New York time on Friday, according to Bloomberg composite pricing.

The market capitalisation of digital assets tracked by CoinMarketCap.com shrank to about $197bn – down almost $640bn from its January peak.

Bitcoin itself lost 2.6pc.

“The temporary suspension of these products led to an initial knee-jerk reaction,” said Ryan Rabaglia, head of trading at cryptocurrency dealing firm OSL in Hong Kong. “But ultimately, it’s just another obstacle for the market to overcome.”

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