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Business News/ Market / Stock-market-news/  Bitcoin prices slump further. Now, down 80% from highs
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Bitcoin prices slump further. Now, down 80% from highs

Bitcoin has now plummeted more than 80% from its all-time high a year ago and is trading about 50% below its 200-day moving average, the most since January 2015

Bitcoin prices slumped as much as 7.8%. Photo: BloombergPremium
Bitcoin prices slumped as much as 7.8%. Photo: Bloomberg

Bitcoin Leads Cryptos to Lowest Since 2017 as Sell-off Resumes

Hong Kong: Cryptocurrencies continued their slide with a fresh bout of losses on Friday after the SEC dashed hopes that a Bitcoin exchange-traded fund would appear before the end of this year. Bitcoin, the largest cryptocurrency, slumped as much as 7.8%, taking it down past $3,400 to the lowest level since September 2017, according to consolidated pricing compiled by Bloomberg. The wider Bloomberg Galaxy Crypto Index sank 10% as rival tokens including Ether, Litecoin and XRP also retreated.

The Securities and Exchange Commission plans to decide by Feb. 27 whether to approve a proposed ETF from financial-technology company SolidX Partners Inc. and asset manager Van Eck Associates Corp., the agency said Dec. 6.

The proposal was set to get a decision from the SEC in December after previous delays and the new timeline is a fresh blow to an industry that’s seen prices fall throughout 2018. A key impediment has been a lack of mainstream institutional adoption, alongside continuing security and regulatory concerns.

“Sentiment in the market is really bad, any negative news has an exponential effect," said Timothy Tam, co-founder and CEO of CoinFi, a cryptocurrency research firm.

With the latest rout, Bitcoin has now plummeted more than 80% from its all-time high a year ago and is trading about 50% below its 200-day moving average, the most since January 2015, according to Bloomberg calculations. Cryptocurrencies have erased almost $730 billion in value from an all-time high in January, according to data from CoinMarketCap.com.

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Published: 07 Dec 2018, 09:34 AM IST
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