(Bloomberg) -- Bitcoin declined for a fifth day and led cryptocurrencies lower as a global equities selloff deepened and investors migrated to havens.
The biggest digital currency sank 10 percent to $7,722 at 10:51 a.m. in London, according to composite Bloomberg pricing. It has tumbled 22 percent since the start of the month, and by last week had erased more than half of its value from a record high $19,511 in December. Rival coins Ripple, Ethereum and Litecoin also retreated, according to data compiled by Bloomberg.
Investors exited risky assets across the board Monday, as stocks in Asia and Europe retreated following a slump in U.S. markets. Bitcoin is hardly living up to comparisons with gold as a store of value, made by some its supporters over past months. Bullion edged higher, with spot gold up 0.3 percent to $1,337 an ounce. The yen and European bonds also gained.
North Korea is trying to hack South Korea’s cryptocurrency-related programs to steal digital currencies and has already stolen tens of billions of won worth, Yonhap News reported. Authorities in South Korea and other countries are weighing increased regulatory scrutiny of the cryptocurrency industry, which has sparked a selloff to start the year.