Bitcoin slumped to fall below $52,000 overnight, as it extended its longest losing run since December.
The cryptocurrency dropped just hours after receiving a boost from Elon Musk who said US customers were now able to buy Teslas using Bitcoin. It is now down around 15pc from when it hit $61,742 earlier this month.
Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore, said there was a move to value across asset classes and away from technology.
Bitcoin also remains mired in regulatory uncertainty. Yesterday, the UK’s FCA warned that younger investors were being tempted into “buying higher-risk products that are very unlikely to be suitable for them” by social media sites.