Bitcoin and Other CryptoCurrencies Continue to Fall

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.

bitcoin

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.

Spread the love

27 thoughts on “Bitcoin and Other CryptoCurrencies Continue to Fall”

  1. 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.

  2. 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.
    By the way, if you want to learn about bitcoin & how to trade cryptocurrencies for profits..visit 9jacashflow dot com
    There are lots of articles & posts about bitcoin & other cryptocurrencies trading that you’ll gain from & other online businesses you can start also.

Leave a Comment