Cryptocurrencies has continued to slump, with Bitcoin approaching the $4,000 mark for the first time since October 2017, in the wake of a split of one of the largest major tokens and increased regulatory scrutiny of initial coin offerings.
Bitcoin declined as much as 14.57 percent to $4630, while so-called alternative coins slumped even more, with Ether tumbling as much as 14.28 percent and Litecoin cratering as much as 13 percent. XRP, the token associated with Ripple, was the lone gainer among major digital currencies. The Bloomberg Galaxy Crypto Index fell as much as 78.4 percent to a one year-low on a closing basis.
The cryptocurrency industry has now lost more than $660 billion in value from a January peak, according to data from CoinMarketCap.com. Bitcoin is down more than 70 percent from its December 2017 high, the data show.
Volatility has returned to cryptocurrencies, with the largest tokens shedding billions in market value since the hard fork of Bitcoin Cash debuted last week. That came as two software-development factions failed to agree on a way to upgrade the offshoot of the original Bitcoin, leading to a computing power arms race.
Thomas J. Lee, managing partner at Fundstrat Global Advisors and a long-time crypto bull, slashed his year-end price target for Bitcoin to $15,000 from $25,000.
Crypto-specific events have led to greater uncertainty in the crypto market, including the contentious hard fork for Bitcoin Cash. Said Lee
Don’t put your egg in one basket.
Hum….not a good news to some people
Hmmmm, this is a major setback for crypto currency investors..And my fear for the market is that the downward trend might continue as more investors convert their crypto currencies into other businesses out of fear.
very bad news.
This one is loud
Not so food for the digital currencies
Nawa o, another scam?
Bitcoin isn’t scam
Too bad
Setback for investors
People with bitcoin r sweat @ d moment
by December we’ll know how the future of btc would look like. Let’s just wait till December
Bad market
Bad market
That means the new cryptocurrencies are still dreaming.
This is not palatable to potential investors
Information but we all know that there is always a rising and falling time for everything created.
Chai! Bad market for some people
I have always known that the end of these e-currencies is near. I’m certain their deaths will come someday
D end is not here
It will bounce back with time
The end is not near. This is how the market is and will always bounce back. Inshort the best time to buy more crypto is now that it’s falling.
lot of forces re driving on cryto bus…but let wait till jan to see how it goes….nothing is always stable
Am i the only one who didn’t understand whats happening here?
Never saw this coming..
Well, i los 10k to the fall
Please I would like to learn how to invest in cryptocurrency.. Prof sir do you have any link of anyone that can teach me
Bitcoin again????
Still don’t understand anything about this
That’s just the beauty of bitcoin & cryptocurrencies. The rise & fall is what really intrigues me. Just as Mr yomiprof has pointed out, now is the best time to buy bitcoin.
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