Bitcoin prices fell to as low as $5,774 on the Bitstamp exchange, the lowest since 12 November 2017. It was last up 0.7% at $5,891. So far in 2018, bitcoin has tumbled almost 60% after soaring more than 1,300% last year. It is now down 70% from its December peak.

Other cryptocurrencies also slid on Friday. Ethereum’s ether, the second-biggest cryptocurrency by value, fell 4% to $416, its weakest since April. Ripple’s XRP also dropped 4% to $0.44, a 2018 low, according to Coinmarketcap.com

The Bank of England on Thursday warned banks and insurers that they should be wary of crypto assets because they can be highly volatile and vulnerable to fraud.

Still, money continues to be plouged into the sales of new digital currencies. Sales jumped to $13.7 billion in the first five months of the year, nearly double the amount raised for the whole of 2017