Bitcoin halts decline that wiped US$38bil from market value

New challenger: The appearance of a rival for Bitcoin has ruffled some feathers.

HONG KONG: Bitcoin halted a two-day slump as speculators saw a 29% plunge from its record high as possibly an excessive response to a technology upgrade getting cancelled.

The cryptocurrency was little changed at US$6,593, as evidence emerged that bearish investors started to cover their short positions. The drop earlier was as much as 15% from last Friday, when investors were prompted to switch into rival technologies.