Bitcoin slips below US$6,000

Bitcoin, the leading cryptocurrency, which had become a sought-after alternative investment in 2017, slumped below US$6,000 on Tuesday. Amidst the global stock market sell-off, Bitcoin also faced selling pressure. 

The price of cryptocurrencies have seen wild erosion in the recent days. Bitcoin tanked to a 12-week low of US$6,000 on Tuesday morning. At 16:38 hours IST Bitcoin quoted US$ 6,505.45, down 14.21 per cent at Cryptocompare.com, while Bitcoin quoted Rs. 4,65,000.00 on India-based cryptocurrrency exchange, Kionex around the same time. 

The fall in Bitcoin price was triggered by the comments of Chief of Bank for International Settlements, Agustín Carstens, who called Bitcoin a Ponzi scheme. The BIS chief said Bitcoin poses threats to the global financial stability and as a financial instruments undermine people's trust in central banks. 

Earlier, major financial institutions including JP Morgan, Citigroup, Bank of America, Lloyds contemplated plans to ban customers from buying cryptocurrencies using their banks credit cards.