Cryptocurrencies continue decline, Bitcoin hits 3-month low

Cryptocurrencies continued their collective decline against the US dollar on Friday, with Bitcoin leading the way.

The world's largest cryptocurrency dropped to its lowest level in over three and a half months, fueled by concerns over US economic policies and a decline in investor confidence.

Bitcoin fell by 6.5 percent, reaching  USD79,928, while its market value dropped to USD 1.59 trillion, according to CNN. 

The cryptocurrency has lost nearly 18.77 percent of its value over the past week.

This downturn comes amid uncertainty surrounding US President Donald Trump’s policies on tariffs and cryptocurrencies, as well as the aftermath of a hacking incident that targeted Ethereum.

The escalating fears over the trade war have wiped out around  USD 800 billion from the market value of cryptocurrencies, reinforcing expectations of sharp fluctuations in digital markets in the near future.