After months of relative stability, bitcoin is burning
To add to digital assets’ woes, the US Securities and Exchange Commission has announced civil penalties against two crypto-currency companies
London— Turmoil engulfed crypto-currency markets again on Tuesday, with every major coin extending a rout that is rocking confidence in the nascent asset class. Bitcoin gave up a small early gain to slump 7.9% as of 9.16am in London. The largest digital currency, which started the year at more than $14,000, has fallen to $4,409.43. Rivals including ether, litecoin and XRP joined the slide, though they pared losses that reached as much as 17%. After months of relative stability, crypto-currency bulls have been left reeling by a sudden market downturn in November. Digital assets have now lost almost $700bn of market value since crypto-mania peaked in January, according to CoinMarketCap.com. Trading on futures markets, where investors can bet against bitcoin, has soared. While the trigger for the latest sell-off is unclear, it has coincided with a “hard fork” of Bitcoin Cash. The move, which split the offshoot of the original bitcoin into two, has underscored the sometimes chaotic natu...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.