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The fall of Bitcoin worsened over the weekend, placing the 2018 crash near one of the worst bear markets in cryptocurrency.
Bitstamp's prices show that the virtual currency, designed a little over ten years ago, dropped to $ 3,475. It was trading at $ 3.949 at 11:23 am in Hong Kong, according to Bloomberg's composite price. It's 7.3% below its 17-hour level. New York time Friday and about 79% below its closing high in December.
The crash is now in the same category as the 93% fall of Bitcoin in 2011 and its 84% defeat from 2013 to 2015, when the Tokyo-based encryption center collapsed. Gox. In dollars, the damage is much greater: virtual currencies followed by CoinMarketCap.com have lost more than $ 700 billion in value since the peak of the market.
While speculators believe that demand from institutional investors will rebound, most deep-sea fund managers have lagged behind concerns about currency security, market manipulation and regulatory risk.
The sale is testing the trust of a few key players, "said Ryan Rabaglia, a Hong Kong-based main trader at OSL, a cryptocurrency brokerage firm. "I think for this next effort, we will need this institutional money to be able to finally enter. Lend this support and help grow. "
Now read: Bitcoin still plunges below $ 4,000
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