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Crypto crash accelerates as bitcoin drops to fresh low for year

Largest cryptocurrency slumps as much as 7.8%.

Cryptocurrencies continued their slide with a fresh bout of losses 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 February 27 whether to approve a proposed ETF from financial-technology company SolidX Partners and asset manager Van Eck Associates, the agency said December 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.

© 2018 Bloomberg L.P

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Bitcoin needs electricity to be alive. Without a power source, it require heavenly interference of the kind second coming. The value attached to software depends on buying by many, selling by one. Microsoft office for that reason have a prize value amount set by maker. It to is useless without power named electricity. Eskom load shedding, permanent, make the coin, an all software, value zero, automatic.

The Bitcoin fans have been very quite recently on Moneyweb.

Quiet yes. Silence of the greedy lambs to the slaughter. Blaming Escom now.

I remember how I got taken on when I pointed out the supply isn’t as limited as they said it was, because BitCoin is traded in fractions up to 8 decimal places. Also this “forward thinking currency” is also really bad for the environment if you consider the amount of electricity and the coal power station pollution to run the machines for “mining”. Did you keep the receipt for that ASIC mining rig? Shame

I create a piece of imaginary real estate called a sh1tcoin. I tell people they can burn tons of elec building it. They do.

I hype it up and offload it for $$$ onto fools, racketeers and drug cartels telling them it’s a currency. The fools realise they have been fooled and sell it on to ultra fools until they are the patsies holding the bag.

I made a killing and they all lived unhappily ever after.

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