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The meteoric rise of Bitcoin last year was considered by many observers as one of the greatest speculative mania in the history of . The Cryptocurrency Crash in 2018 could help consolidate its place in the record books.
After slipping for a fourth day in a row Friday afternoon, Bitcoin is approaching more than 70 percent of the Nasdaq's 78 percent record. after the bursting of the American dot-com bubble. Hundreds of other virtual pieces have virtually disappeared – following the same path as Pets.com and other initial public offerings that exploded in the early 2000s.
While Bitcoin rebounded from its Larger losses before, It is far from clear that it can repeat the feat now that a large part of the world is experiencing cryptocurrency and decided to invest it. The Bulls point to the eventual recovery of the Nasdaq and argue that institutional investors represent a huge reservoir of potential cryptocurrency buyers, but regulatory and security concerns have hitherto prevented most major fund managers to stay on the sidelines. Peter Smith, chairman and chief executive officer of Blockchain Ltd., who on Thursday launched an encryption platform for professional investors, said in an interview with Bloomberg Television
. Rally compared to the biggest bubbles in history.
Bitcoin fell 4.2% to $ 5,791 on Friday, its lowest level since November, according to Bloomberg's composite prices. According to Bitstamp, cryptocurrency has recovered Saturday to 8.35% in Tokyo, according to figures from Bitstamp, up 8.6% to 6.397% in September
. Other coins, including Ether and Litecoin dropped more, while the combined value of chips tracked by CoinMarketCap.com declined to $ 236 billion. At the peak of crypto-mania, they were worth about 830 billion dollars.
While it was difficult to find new catalysts for the fall of Bitcoin on Friday, hacks at two South Korean stock exchanges and a regulatory crackdown in Japan weighed on sentiment during the last weeks. Regulators around the world have intensified scrutiny of cryptocurrencies over the fear that they are a breeding ground for illicit activities, including money laundering, market manipulation and fraud. .
The least known tokens were the most affected. Dead Coins lists about 800 that are worthless, while Coinopsy puts the total to over 1,000. Less than 4% of the pieces whose market capitalization has risen from $ 50 million to $ 100 million have been successful or promising, according to a March analysis by the OIC's Satis Group consulting firm.
Bitcoin may not reach zero, Robert Shiller, the Nobel Prize-winning economist whose warnings on dot-com mania have proved presumptuous, said in an interview with Tom Keene of Bloomberg Television Tuesday. The thrust of Bitcoin last year was "not a rational answer," he says
– with the help of Olga Kharif [19659007] [ Updates with bitcoin prices in the fifth and sixth paragraphs.)
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