Bitcoin extends losses to near 13-month nadir

Bitcoin extended its hefty losses on Thursday for the fourth straight day after relinquishing the psychological barrier of $6,000, nearing 13-month lows hit yesterday as investments flock away from cryptocurrencies. 

At Bitstamp, Bitcoin shed $67, or 1.2% to $5,525, with a session-high at $5,641, and a low at $5,466. 

Bitcoin lost 10.6% on Wednesday, the third loss in a row and the largest since January 10, while marking 13-month lows at $5,324. 

Market value of cryptocurrencies dropped $3 billion on Thursday to a total of $184 billion, after plumbing $180 billion on Wednesday, the lowest since October 2017. 

The violent selloff comes after two months of limited-range trading in a clear sign that bears have the upper hand in the market. 

The exodus of cash from the crypto market is a bit unclear for its reasons, but some experts point to uncertainty surrounding Bitcoin Cash. 

Bitcoin Cash was the biggest loser yesterday among major cryptocurrencies with a 16% drop, ahead of an update on Thursday that would lead to a full split.