Dubai:
Bitcoin prices crashed below $6000 mark on Tuesday amid regulatory concerns even as wider global markets continued their sell-off into this week.
Bitcoin prices was 28 per cent lower at $5,951, after hitting a low of $5,926.The cryptocurrency has shed more than 64 per cent in the month so far.
Elsewhere in the global markets, sell-off continued as the Dow Jones Industrial Average index fell by as much as 1,600 points, worrying traders of greater carnage in coming sessions.
The Dow index closed 4.6 per cent lower at 24,345.75 on Monday. Dow futures were down 2.74 per cent on Tuesday morning. Analysts expect volatility, which had been suppressed due to quantitative easing from central banks, to increase massively in coming weeks and months.
“US monetary policy is in the process of normalizing after a period of unusually ultra-easy monetary policy and record-low bond yields. Investors should expect volatility to return to normal too,” Mark Haefele, global chief investment officer at UBS said in a note.
In Asia, Japan’s Nikkei was down 6.76 per cent, while Hang Send index was down 4.95 per cent. Equity investors sought refuge in gold, which was up 0.21 per cent at $1,342.45 an ounce.
