Bitcoin tumble erases $38 bn as rival cryptocurrency gains

The cryptocurrency has dropped 5.6% since late Friday, and at one point extended its slide from last week's record to as much as 29%

Bitcoin slumped as the cancellation of a technology upgrade prompted some users to switch out of the cryptocurrency, spooking speculators who had profited from a more than 500 per cent surge this year.

The cryptocurrency has dropped 5.6 per cent since late Friday, and at one point extended its slide from last week’s record to as much as 29 per cent. Bitcoin cash, a rival that split from the original bitcoin in August, has jumped 32 per cent since Friday, according to data compiled by Coinmarketcap.com.

Bitcoin cash is gaining popularity because of its larger block size, a characteristic that makes transactions