Bitcoin extends slide after dismal January

By BitcoinFOXBusiness

Bitcoin ‘nonsense’: Why investors should avoid the cryptocurrency

The Gartman Letter editor and publisher Dennis Gartman explains why investors should steer clear of bitcoin, the controversial cryptocurrency, warning that it’s the “tulip mania” of the 21st century.

Bitcoin prices were down almost 10% Thursday, with the cryptocurrency extending a sell off which saw it decline 26% in January, its worst monthly performance since January 2015.

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Prices are now down more than 50% since hitting a peak of almost $20,000 in December.

The cryptocurrency has come under pressure from hacks and a crackdown by U.S. regulators on two major bitcoin companies: Bitfinex and Tether.

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Meanwhile, further pressure could be stemming from Facebook’s post that it will no longer allow cryptocurrency advertisements on its platform.

Litecoin was down 10.35% while Ethereum was up 0.5% Thursday, according to Coinbase.