Bitcoin sell-off, accelerating, breaking below the $11,000

FILE PHOTO: a Jewelry with the Bitcoin logo is seen on the screen, and the Consensus of 2018 blockchain technology conference to be held in New York City, New York, New York, USA, May 16, 2018. REUTERS/Mike Segar

(Reuters) – A pullback in the price of the bitcoin is deepened on Thursday, falling more than 16% to less than $11,000, after the jump, an 18-month high of nearly $ 14,000 earlier in the week, in the midst of the optimism of the growth in the use of digital currency.

The world’s largest cryptocurrency has risen sharply in value since the beginning of April, and has risen more than 260%, but remains below its all-time high of nearly $ 20,000 hit in December 2017.

At 1:43 pm EDT (1743 GMT), bitcoin was down 16.13% to $10,836.42. the Luxembourg-based Bitstamp exchange.

Facebook’s announcement that it will offer its own cryptocurrency Scale has revived the interest in digital currencies, analysts said.

Investors seeking an alternative asset to gold and U.S. bonds as a safe-haven due to concerns over the slowing of global growth, have also helped to contribute to bitcoin’s rally, ” she said.

Reporting by Richard Leong in New York, Tommy Reggiori Wilkes in London; editing by G Crosse

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