Bitcoin has wiped out its summer rally, giving back gains made during Wall Street’s euphoric embrace and a surge in institutional buying.
The original cryptocurrency fell as much as 3.7% to $102,870 on Tuesday in New York, the lowest level since June 23. That’s down almost 20% from a record high reached a month ago. Ether slipped as much as 3.9% and several so-called altcoins posted similar declines, bringing losses for many of the less easily traded and liquid tokens to more than 50% this year.