Latest News

  • Home
  • Global
  • Bitcoin prices sink as cryptocurrency selloff gathers pace
Bitcoin prices sink as cryptocurrency selloff gathers pace
Tuesday, November 27, 2018 IST
Bitcoin prices sink as cryptocurrency selloff gathers pace

Bitcoin fell to as low as $3,519.94 on the Bitstamp platform, after earlier falling to a 14-month trough of $3,462,57, and was last down 12.6%
 

 
 

New York: Bitcoin prices plunged more than 12% on Monday, extending falls in recent weeks in a broad-based selloff in cryptocurrencies as sentiment sours. Several factors have accelerated the downturn, analysts said, including increased US regulatory scrutiny and a delay to January 2019 of the widely-anticipated launch of bitcoin futures by Bakkt, Intercontinental Exchange’s crypto platform.
 
“These factors coupled with lukewarm network fundamentals and reports of falling adoption of crypto as a tool for services such as payments, have led to strong selling pressure against a lack of buying resistance—to a point of apparent capitulation,” said Aditya Das, analyst at Brave New Coin, a crypto asset market data company.
 
Bitcoin fell to as low as $3,519.94 on the Bitstamp platform, after earlier falling to a 14-month trough of $3,462,57, and was last down 12.6%. It has lost 74% of its value so far this year, after hitting nearly $20,000 in December last year.
 
Other digital currencies also fell sharply, with Ethereum’s ether down 7% at $106.69 and Ripple’s XRP falling 5.6% to 34 US cents.
 
Cryptocurrency market capitalisation plummeted to $122.3 billion on Monday, down 85% from its peak of nearly $800 billion hit in early January this year.
 
Mainstream investors have stayed clear of bitcoin, with concerns over scant regulatory oversight and undeveloped market infrastructure compounded by frequent swings in price.
 
Analysts said the US Securities and Exchange Commission was partly to blame for the recent selloff, with the delay in its approval of new bitcoin instruments, as well as for its investigations of initial coin offerings and crypto exchanges.

 
 

The SEC has ordered civil penalties against Airfox and Paragon Coin that sold digital tokens deemed as securities in initial coin offerings. Those companies have agreed to return funds to harmed investors, register the tokens as securities, file periodic reports with the US SEC, and pay penalties.
 
Bloomberg reported in November that the US Department of Justice had initiated an investigation of cryptocurrency Tether over possible manipulation of bitcoin prices at the end of last year.
 
At the same time, the sharp price falls are seen by some as an opportunity to get into viable cryptocurrency projects at a discounted price.
 
“It is important to highlight that none of the unpleasant headlines are directly related to the underlying fundamentals of legitimate cryptocurrency projects,” said Donald Bullers, North American representative of web3 infrastructure platform Elastos.
 
“Whether it’s market manipulation accusations, a controversial fork, or short-term speculators deciding not to play the long game, this dip will cull the wheat from the chaff and the most important decentralization projects will continue to survive,” he added.
 

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
'Worse than prison': A rare look inside China's detention camps to 'brainwash' Muslims

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
 

 Article
What The Shape Of Your Belly Button Says About Your Health

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
 

 Article
Top 10 Horrifying Acts of Chemical Warfare and Gas Attacks

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
 

 Article
Top 10 Best Gym Equipment Brands in India 2018

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

 Article
EARTH IS BECOMING 'PLANET PLASTIC' , SAYS REASRECHERS

US scientists have calculated the total amount of plastic ever made and put the number at 8.3 billion tonnes. It is an astonishing mass of material that ...

Recently posted. 771 views . 38 min read
 

 Article
Not good enough: Mothers don’t spend enough quality time with their children

The results gave light to the truth that young mothers do spend considerable time with their children, but due to various distractions - the time cannot be counted ...

Recently posted. 690 views . 1 min read
 

 Article
5 unbelievable success stories of big companies that were once a startup

Some of these companies were a product of well-thought-out and implemented ideas while others formed as an accident. You'll be surprised to know how these peo...

Recently posted. 728 views . 1 min read
 

 Reviews
Leaseweb hosting review



Recently posted . 2K views . 67 min read
 

 Reviews
The Best 5 Hiking Backpacks in India – Reviews & Buying Guide



Recently posted . 2K views . 140 min read
 

 Article
Father's Day 2018: Wish your dad with these WhatsApp and Facebook messages

Father's Day is celebrated on the third Sunday of the month of June, this year, the date happens to be June 17.

Recently posted. 1K views . 0 min read
 

 Article
My Father Wanted A Boy And Got A Girl; My Story Of Handling My Dad’s Rejection

What its like if your father makes you feel like you weren't born.  

Recently posted. 1K views . 0 min read
 

 
 
 

   Prashnavali

  Thought of the Day

“Whatever it is that you want to do, you should do it now. There can only be so many tomorrows.”
Anonymous

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top