Bitcoin tumbles back below $8,000 as cryptocurrencies stumble

Bitcoin is down about six per cent so far in June, after its best month since August 2017 amid a resurgence in investor sentiment following months of relative inactivity

Bitcoin 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.

The largest digital currency slumped almost 10 per cent and was trading at $7,930 at 8:57 am in Hong Kong, its biggest retreat in about two weeks. 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.