Bitcoin falls off a cliff again as cryptocurrency slump deepens

Cryptocurrencies dropped sharply for the second time in less than 24 hours, sinking toward a nine-month low amid concern that broader adoption of digital assets will take longer than some anticipated.

Bitcoin, the largest cryptocurrency, tumbled as much as 9.8% and was trading at $6 420.43 as of 9:02 a.m. in Hong Kong, according to Bloomberg composite pricing. The Bloomberg Galaxy Crypto Index, a gauge of the largest digital currencies, traded near its lowest level since November 2017 as rival coins Ripple, Ether and Litecoin also fell.

Business Insider reported on Wednesday that Goldman Sachs was pulling back on near-term plans to set up a digital currency trading desk, while prominent exchange platform ShapeShift AG also said it will begin asking users for personal information.

� L.P