Bitcoin Extends Slide as $600 Billion Erased Since Crypto Crash

After a week-long rout that erased hundreds of billions in digital-asset value, Bitcoin has again failed to live up to its billing as a safe harbor asset.

Once cast as a hedge against market turmoil — a “digital gold” for the blockchain age — the original cryptocurrency continued its slide on Friday, dropping as much as 4% to $103,550, the lowest level since June. Ether, the second-largest token, slipped under $3,700 and has now retreated around 25% from its August peak.

The total value of the crypto market has shrunk by over $600 billion since last Friday, data compiled by ...