© Bloomberg. Lights illuminate USB cables inside a ‘mining rig’ computer, used to mine cryptocurrency, in Budapest, Hungary, on Wednesday, Jan. 31, 2018. Cryptocurrencies are not living up to their comparisons with gold as a store of value, tumbling Monday as an equities sell-off in Asia extended the biggest rout in global stocks in two years. Photographer: Akos Stiller/Bloomberg
(Bloomberg) — 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.
, the largest cryptocurrency, tumbled as much as 9.8 percent 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 , Ether and also fell.
Business Insider reported on Wednesday that Goldman Sachs Group Inc (NYSE:). 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.
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