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Business/Finance
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Title: Bitcoin loses nearly half its value in crypto-market bloodbath
Source: [None]
URL Source: https://www.rt.com/business/416153-cryptocurrency-market-fall-china/
Published: Jan 17, 2018
Author: © Kacper Pempel / Reuters
Post Date: 2018-01-17 05:48:37 by Tatarewicz
Keywords: None
Views: 1452
Comments: 15

RT... The cryptocurrency market has extended its losses, as major digital assets are trading 13 to 25 percent below previous day's prices. Digital-currency locomotive bitcoin has now slid below $11,000.

The $11,000 milestone is 45 percent below the $20,000 peak that bitcoin touched just one month ago. Ethereum also plunged below the psychological $1,000 mark, and is on track to lose all its gains in 2018, which reached 100 percent just four days ago. Read more © Kai Pfaffenbach Bitcoin crashes to 6-week low as regulator crackdown escalates

Ripple was down over 20 percent, trading at $1.15. This is a three-fold collapse from the $3.65 peak it hit on January 4. Bitcoin cash, cardano, litecoin, neo and other top cryptocurrencies have also slipped by up to 25 percent from the previous trading session.

Cryptocurrencies are falling on reports that authorities in China are planning to widen their crackdown on trading in the country. A Chinese state-run newspaper Securities Times reported on Tuesday that Beijing will target over-the-counter trading, offshore sites used for centralized trading, and peer-to-peer trading of large transactions.

Bloomberg also reported that China will bar access to local and offshore platforms that provide centralized trading, and target traders who provide bids and offers for big-scale trading.

Another BRICS country, Brazil, has joined China and India in taking action against cryptocurrencies. The South American country has prohibited local investment funds from buying digital cash.

The world's most popular cryptocurrency bitcoin was trading at $10,756 as of 9:20am GMT on Wednesday.

For more stories on economy & finance visit RT's business section

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Begin Trace Mode for Comment # 11.

#1. To: Tatarewicz (#0)

It seems all the top cryptos have retreated more or less uniformly.

Pinguinite  posted on  2018-01-17   6:03:57 ET  Reply   Untrace   Trace   Private Reply  

It seems all the top cryptos have retreated more or less uniformly.

It appears more like a rout than a retreat to me. I suppose someone intimately familiar with digital currency markets/exchanges and a crystal ball could become wealthy quickly if they possessed inside info regarding these dramatic shifts in value.

noone222  posted on  2018-01-17   6:21:08 ET  Reply   Untrace   Trace   Private Reply  

As a proponent of cryptocurrency, I will concede this is more than a retreat, but I won't concede it's a rout. It's a substantial pullback. Cryptos are indeed about 1/2 off of their highs, but I think it's more fair to say they are 1/3rd off their recent 3 week average value -- 15k in the case of bitcoin. Bitcoin's 20k high was really a peak that was reached much too quickly. Current crypto prices are the same as they were some 5-6 weeks ago, afterall, so if it wasn't the end of the world for them then, why would it be now?

Cryptos are given to much wilder swings than typical commodities in percentage terms so 10% swings are basically normal. I don't yet see any prospect for crypto currencies actually crashing, as in eliminated from the marketplace. As the article explains, the current drawdown is likely due to China moving against them. I suppose this could give other countries hostile to cryptos ideas to do the same to try to hurt them even more.

But if the idea is to move against banksters, I think cryptos hold the key to that as they are the only competition to fiat money anywhere on the horizon. Cryptos are largely not yet being used as money. They won't until software infrastructure is improved to support their use as money, but it's also true that people won't choose to spend it until the prospects for further growth in value diminish. Bad money drives out good, and so as long as cryptos are viewed as an investment instead of as money, those who have it won't want to spend it. It will be a substantial pullback like we see now that will encourage people to start spending it as they will believe it will lose more value later. But I don't think this one is it. I don't expect that for another few years.

Pinguinite  posted on  2018-01-17   7:30:13 ET  Reply   Untrace   Trace   Private Reply  

I agree with you, Pinguinite. The sources I follow tell us that the lows may continue for another 4-6 weeks but after that, the bull market resumes and solid cryptos will be higher than ever before. Also, that the ponzies will die off and that's a good thing. We've seen that already with BitConnect.

Pamela  posted on  2018-01-17   8:09:32 ET  Reply   Untrace   Trace   Private Reply  

Hi Pamela. I don't know if I'd give a timeline prediction. Back in September Bitcoin did see a pullback of almost 50% off it's high, which this pull back has exceeded slightly and may exceed even more. As I recall, that was also due to China closing exchanges, and took 3 weeks to recover from after the low was reached. But this is such a new market that past activity may be a less reliable indicator of future performance. Though this time SKorea is in on the ban as well (though I understand there's public backlash there).

The meteoric rise of bitcoin from about 7K to 20K was all to apocalyptic. It surprised even me but in light of this pull back right now, it seems perhaps unfortunate to the crypto community that it did so as it was probably a false high. Growing too fast creates instability. Or maybe not. Who knows.

I do see cryptos as enabling a popular challenge to government financial controls. It will be up to the crypto software developers to incorporate remedies to circumvent, as much as possible, barriers that governments create, and as long as there's a popular demand for cryptos, the energy will be there to spur that circumvention development.

I understand development is under 1 year away that will allow the exchange of cryptos to/from one another without need of a central exchange.

Pinguinite  posted on  2018-01-17   10:57:25 ET  Reply   Untrace   Trace   Private Reply  

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