Hong Kong — Bitcoin slumped by the most since September, giving new impetus to a January sell-off in cryptocurrencies that coincides with rising scrutiny from regulators in many countries. The largest digital coin fell 12% to $12,255 at 9am in London, the lowest level since December 5, according to composite pricing on Bloomberg, bringing an end to its two-day rally. Earlier, Bitcoin was down more than 40% from its record high in mid-December. Rival cryptocurrencies also tumbled, with Ripple diving as much as 28%. Investors "should be prepared to lose all their money" in bitcoin, said Steven Maijoor, chairperson of the European Securities and Markets Authority (ESMA), in a Bloomberg TV interview in Hong Kong. "It has an extremely volatile value, which undermines its use as a currency. And it’s also not broadly accepted." The ESMA warned retail investors against initial coin offerings in November and is monitoring developments in cryptocurrencies, Maijoor said. China, which first beg...
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