Bitcoin's deepening crash now rivals its worst bear markets


he virtual currency, conceived just over a decade ago, fell as low as $3,475 on Sunday, Bitstamp prices show.

HONG KONG: Bitcoin’s tumble worsened over the weekend, putting the 2018 crash within striking distance of the cryptocurrency’s worst bear markets.

The virtual currency, conceived just over a decade ago, fell as low as $3,475 on Sunday, Bitstamp prices show. 

It was trading at $4,033 as of 7:40 a.m. in London, according to Bloomberg composite pricing. That’s 5.3 percent below its level at 5 p.m. New York time on Friday, and about 79 percent below its closing peak in December. 

The crash, which also ensnared rival coins like Ether and XRP, has now entered the same league as Bitcoin’s 93 percent plunge in 2011 and its 84 percent rout from 2013 to 2015, during the collapse of Tokyo-based crypto exchange Mt. Gox. 

In dollar terms, the damage has been even bigger this time around: Virtual currencies tracked by CoinMarketCap.com have lost more than $700 billion of value since the market peaked.

While bulls are betting that demand from institutional investors will spark a rally, most big money managers have stayed on the sidelines amid concerns over exchange security, market manipulation and regulatory risk.

The sell-off is “really testing the faith of a few key players,” Ryan Rabaglia, Hong Kong-based head trader at OSL, a cryptocurrency dealing firm, said in a phone interview. 

“I do think for this next push, we are going to need that institutional money to come in finally. To lend that support and help with growth.” - Bloomberg
 
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Bitcoin , tumble , bear markets

   

Did you find this article insightful?

Yes
No

Next In Business News

Kenanga IB profit up tenfold as brokerage, trading income soar
Palm oil’s stunning rally is set to boost supermarket prices
Alliance Bank posts lower 2Q net profit of RM103.94m on higher reserves
Pandemic and travel curbs hit Datasonic Q2 earnings�
Higher net profit for Hong Leong Bank
KNM bags RM93.6mil job in Berlin
Axiata records 3Q earnings recovery
Maybank records lower net profit of RM1.95b in 3Q
KLCI stays afloat of 1,600, bank earnings in focus
October exports up 0.2% to RM91.1b, exceed forecast

Stories You'll Enjoy