Bitcoin tumbles as stellar run for cryptocurrencies gets tested

Bitcoin slumped Friday as this year’s surge in digital assets gave way to a retreat in cryptocurrencies.

The price of Bitcoin slid 7.3% to $7 113.71 as of 12:13 p.m. in Tokyo, while Ethereum sank 7.5% and the Bloomberg Galaxy Crypto Index tumbled 8.9%. The declines come after Bitcoin more than doubled in 2019 and many participants struggled to pinpoint reasons for the sizzling rally.

Read: Bitcoin tops $8 000 as resurgence of cryptocurrencies goes on

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