Virtual currencies are retreating so broadly and sharply, it’s testing the durability of the cryptocurrency boom.
The value of more than 7,000 tokens tracked by CoinGecko has shrunk more than $600 billion in the past week to $1.9 trillion. Bitcoin, the largest cryptocurrency, slid some 11 per cent Wednesday to break below $40,000 and is now about $25,000 off its record high set in April.
Multiple factors are at play, ranging from criticism of the environmental impact of Bitcoin ..