Hong Kong — Bitcoin fell as much as 15% on Friday, extending its loss from its intraday high this month to more than 30%. The digital currency dropped to as low as $13,048 before trading at $14,079.05 as of 12.07pm in Hong Kong. Bitcoin, which peaked at $19,511, is still up more than 1,300% this year. Investors are having a "reality check", said Stephen Innes, head of trading for Asia Pacific at Oanda. "At the heart of the matter was a frenzied demand for coins with limited supply has now led to unsophisticated investors holding the bag at the top." Bitcoin’s drop comes amid concern that an offshoot is becoming a stronger rival to the more well-known cryptocurrency. Bitcoin cash, which emerged earlier this year amid a split between factions over proposed software upgrades, was added to Coinbase’s offerings this week. There are growing signs of mania for anything cryptocurrency-related. Long Island Iced Tea shares rose as much as 289% after the unprofitable Hicksville, New York-based...
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