![\"Bitcoin](\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2019\/06\/Bitcoin-Stumbles.jpg\")
<\/a><\/p>\nBitcoin fell back below the $8,000 level for the first time in more than a week to halt its most recent rally, leading a wider retreat among cryptocurrencies.<\/p>\n
The largest digital currency slumped almost 10% and was trading at $7,930 at 8:57 a.m. in Hong Kong, its biggest retreat in about two weeks, according to consolidated Bloomberg pricing.<\/p>\n
Bitcoin touched a year-to-date high of almost $9,100 on May 30, the data show. The wider Bloomberg Galaxy Crypto Index also fell as alternative coins including Ether and Litecoin retreated.<\/p>\n
Bitcoin is down about 6% so far in June, after its best month since August 2017 amid a resurgence in investor sentiment following months of relative inactivity.<\/p>\n
Industry watchers pointed to renewed institutional interest this year with the likes of Facebook Inc. and JPMorgan Chase & Co. developing coins of their own.<\/p>\n
\u201cIt just got a little bit extended, this is a healthy retracement,\u201d said Timothy Tam, co-founder and chief executive at CoinFi, a cryptocurrency research firm in Hong Kong.<\/p>\n
\u201cThere\u2019s quite a lot of volume going through, this is normal Bitcoin volatility. At the end of the day it still doesn\u2019t take a lot of money to move these markets compared with traditional markets.\u201d<\/p>\n
Headwinds from the wider sell-off in global markets are also a factor, leading to \u201cspeculative flow\u201d through alternative markets such as cryptocurrencies as well, Tam said.<\/p>\n
Bitcoin fell back below the $8,000 level for the first time in more than a week.<\/p>\n","protected":false},"author":341034,"featured_media":249489,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[51031,187,191],"class_list":["post-308671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-51031","tag-bitcoin","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/308671"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=308671"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/308671\/revisions"}],"predecessor-version":[{"id":308675,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/308671\/revisions\/308675"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/249489"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=308671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=308671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=308671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/a><\/p>\nNow read: Bitcoin investors are buying up for next year\u2019s drop in supply<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"