HONG KONG: Bitcoin’s tumble worsened over the weekend, putting the 2018 crash within striking distance of the cryptocurrency’s worst-ever bear markets.
The virtual currency, conceived just over a decade ago, fell as low as US$3,475 on Sunday, bitstamp prices show. It was trading at US$3,949, according to Bloomberg composite pricing. That’s 7.3% below its level last Friday, and 79% below its closing peak in December.
The crash has now entered the same league as bitcoin’s 93% plunge in 2011 and its 84% rout from 2013 to 2015, during the collapse of Tokyo-based crypto exchange Mt Gox.
In dollar terms, the damage this time around has been much bigger: Virtual currencies tracked by CoinMarketCap.com have lost more than US$700bil of value since the market peaked. — Bloomberg
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