Bitcoin slumps as global market turmoil infects cryptocurrencies

Bitcoin slumped on Thursday to its lowest in more than two months, with traders citing a sell-off across global markets as fears of the economic damage from the coronavirus pandemic take hold.

The biggest cryptocurrency fell 8.5% to $7,250, its lowest since Jan. 3. It has lost nearly 20% of its value in the last five days, mirroring sharp losses for assets from stocks to oil.

"We've seen de-risking across all asset markets," said Jamie Farquhar, portfolio manager at London-based crypto firm NKB. "Bitcoin is certainly not immune to that."