LONDON (Nov 21): Turmoil engulfed cryptocurrency markets again on Tuesday, with every major coin extending a rout that’s rocked confidence in the nascent asset class just as US regulators try to close in on alleged fraud.

Bitcoin fell as much as 13% to US$4,051 ($5,571), bringing this week’s decline to more than 25 percent. It traded at almost US$20,000 last December. The slide helped fuel a sell-off among rival tokens Ether, Litecoin and XRP, which pared an earlier loss that reached 17 percent.

After months of enjoying relative stability, cryptocurrency bulls are left reeling by a sudden market downturn in November and increased regulatory reviews. Digital assets have now lost almost US$700 billion of market value since crypto-mania peaked in January, according to CoinMarketCap.com. Trading on futures markets, where investors can bet against Bitcoin, has soared.

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