Bitcoin, Ether, Ripple and other cryptos lose nearly $700 billion since January
Monday, November 26, 2018 IST
The market value of all cryptocurrencies tracked by CoinMarketCap.com sank to $138 billion, down from about $835 billion
Hong Kong: The great cryptocurrency crash of 2018 is heading for its worst week yet. Bitcoin sank toward $4,000 and most of its peers tumbled on Friday, extending the Bloomberg Galaxy Crypto Index’s weekly decline to 25 percent. That’s the worst five-day stretch since crypto-mania peaked in early January.
After an epic rally last year that exceeded many of history’s most notorious bubbles, cryptocurrencies have become mired in a nearly $700 billion rout that shows few signs of abating. Many of the concerns that sparked the 2018 slump - including increased regulatory scrutiny, community infighting and exchange snafus - have only intensified this week. Even after losses exceeding 70 percent for most virtual currencies, Oanda Corp.’s Stephen Innes has yet to see strong evidence of a capitulation that might signal a market bottom.
“There’s still a lot of people in this game,” Innes, head of trading for Asia Pacific at Oanda, said by phone from Singapore. If Bitcoin “collapses, if we start to see a run down toward $3,000, this thing is going to be a monster. People will be running for the exits.”
Innes said his base case forecast is for Bitcoin to trade between $3,500 and $6,500 in the short term, with the potential to fall to $2,500 by January.
The largest cryptocurrency retreated 4.4 percent to $4,237 at 11:31 a.m. in Hong Kong, according to Bloomberg composite pricing. Rivals Ether, Ripple and Litecoin all declined at least 4.8 percent. The market value of all cryptocurrencies tracked by CoinMarketCap.com sank to $138 billion, down from about $835 billion at the market peak in January.
Related Topics
Related News & Articles
• "We believe the current path of hash power growth supports a BTC price of about $36,000 by 2019 year end, with a ...
Recently posted . 774 views . 4 min read
• Today’s debt sale could help Apple refinance roughly $2 billion of debt that’s scheduled to mature this year
...
Recently posted . 635 views . 3 min read
"Extraordinary to capture five together for sure," said California Department of Fish and Wildlife spokesperson Peter Tira.
Recently posted . 718 views . 1 min read
The work ahead for Pakistan`s charismatic PM-elect is winding and one that could throw an endless stream of economic bouncers on a thorny political pitch.
...
Recently posted . 734 views . 1 min read
HIGHLIGHTS
• Ousmane Bah, 18, said he was arrested at his home in New York ...
Recently posted . 758 views . 4 min read
Trending News & Articles
ALMATY: Hour upon hour, day upon day, Omir Bekali and other detainees in far western China's new indoctrination camps had to disavow the...
Recently posted . 202K views . 1 min read
If you have payed attention to the belly buttons of people on the beach or the members of your family, you have probably noticed that they have different shapes and...
Recently posted . 9K views . 2 min read
In this age of terror, there might be nothing more terrifying than the thought of an attack carried out with chemical weapons. We’ve all heard the horrific ...
Recently posted . 4K views . 4 min read
Body fitness is one thing that everyone wants to maintain irrespective of age. Going to the gym and doing some great exercise always helps to maintain your body fit...
Recently posted . 4K views . 2 min read
More in Global
Scientists have found naturally occurring superconducting materials in extraterrestrial objects for the first time, discovering superconductive grains embedded insi...
Recently posted. 669 views . 1 min read
Have you had any teeth work done recently? Maybe you had a cavity filled. First, great job on taking care of your teeth! About 91% of Americans have tooth decay or ...
Recently posted. 843 views . 1 min read
The fourth generation of Boeing 737s -- known as the 737 Max -- made its debut in 2017 when Indonesian discount carrier Lion Air became the first commercial opera...
Recently posted. 662 views . 1 min read
Recently posted . 1K views
Recently posted . 849 views
Recently posted . 1K views
Recently posted . 1K views
Recently posted . 2K views . 52 min read
Recently posted . 2K views . 67 min read
किसी भी चिड़िया को डायबिटीज नहीं होती।
किसी भी बन्दर को हार्ट अटैक नहीं आता ।
कोई भी जानवर न तो आयोडीन नमक खाता है और न ब्रश क...
Recently posted. 510 views . 1 min read
A man has shared how he got paid for doing nothing at his job for five years. He even managed to get promotions and salary hikes.
Recently posted. 1K views . 0 min read