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The bear market of cryptocurrency reached a new low in 10 months, led by a fall of the biggest rival of Bitcoin.
Ether collapsed 9.5 percent from its 17-hour New York time on Friday, according to Bloomberg's composite prices. Bitcoin lost 2.5%, while the market capitalization of digital assets tracked by CoinMarketCap.com fell to $ 197 billion, down about $ 640 billion ($ 900 billion) from its peak of January.
Cryptocurrencies have declined for five of the past six weeks, due to fears that a broader adoption of digital assets will take longer than expected.
Photo: Bloomberg
Cryptocurrencies have declined for five of the past six weeks, due to fears that a broader adoption of digital assets will take longer than expected. This concern was highlighted over the weekend after the US Securities and Exchange Commission temporarily suspended the trading of two cryptocurrency related securities and that Ethereum co-founder Vitalik Buterin said than
"The temporary suspension of these products provoked an initial impulsive reaction," said Ryan Rabaglia, director of the Octogerty Strategy division in Hong Kong. "But ultimately, this is only an obstacle for the market."
Crypto-currencies remained under pressure on Monday despite reports that Citigroup has developed a new mechanism for investing in digital assets. The US bank intended to act as an agent issuing "digital asset receipts" (DARs) to allow for proxy trading without direct ownership of the underlying parts, with a person aware of the plans.
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