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The fall of Bitcoin has worsened during the weekend, placing the 2018 crash at the fingertips of the worst bear markets of cryptocurrency.
Bitstamp's prices show that the virtual currency, designed just over a decade ago, has dropped to USD 3,475. It was trading at $ 3,949 at 11:23 am in Hong Kong, according to the Bloomberg Composite Price. That's 7.3% below its level at 5 pm, New York time on Friday, and about 79% below its December closing high.
The crash is now in the same category as the 93% fall of Bitcoin in 2011 and its 84% defeat from 2013 to 2015, during the collapse of the Tokyo-based Mt Gox crypto exchange. 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. To provide this support and help grow. "- Reported by Eric Lam and Matt Turner, (c) 2018 Bloomberg LP
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