Thanks for logging in.

You can now click/tap WATCH to start the live stream.

Thanks for logging in.

You can now click/tap LISTEN to start the live stream.

Thanks for logging in.

You can now click/tap LATEST NEWS to start the live stream.

LISTEN
Watch
on air now

Create a 2GB account today!

You can now log in once to listen live, watch live, join competitions, enjoy exclusive 2GB content and other benefits.


Joining is free and easy.

You will soon need to register to keep streaming 2GB online. Register an account or skip for now to do it later.

Advertisement
Advertisement
Advertisement

Bitcoin bubble bursts: ‘FONGO’ to blame as cryptocurrency slumps to 13-month low

Deborah Knight
Article image for Bitcoin bubble bursts: ‘FONGO’ to blame as cryptocurrency slumps to 13-month low

Bitcoin has tumbled more than 7.5 per cent, knocking off nearly a third in value of one of the world’s best-known cryptocurrencies.

Other cryptocurrencies also fell sharply in a largely sentiment-driven slide.

Bitcoin is now trading at below $6000, its lowest level on the Bitstamp exchange since October 2017.

Payments expert Adjunct Professor Steve Worthington tells Ross Greenwood “it’s no surprise”.

“It looks like it is ending in tears.

“All of the cryptocurrencies have gone down dramatically in the past couple of months.”

He says “FONGO” – fear of not getting out – is what’s seeing the prices fall so incredibly.

Professor Worthington says it’s “people selling to make sure they get out while there’s still some value left”.

Click PLAY below to hear the full interview 

Deborah Knight
Advertisement