Bitcoin, the best-known cryptocurrency in the world, continued its slide down Tuesday (December 11), reaching a new low, according to a MarketWatch report.
Tuesday morning saw a bitcoin trade at $ 3,333.60, which is down 2.1 percent from the end of Monday. If the ubiquitous digital currency continues to fall below $ 3,220, that would be the lowest level since September 17, 2017, when it fell below $ 3,000.
Traders are apparently avoiding the currency, and the number of people who bet against it continues to increase, according to DailyFX analysis.
"Retail traders' data show that 70.1 percent of traders are net long, with long-term traders at 2.35 to 1. The net trader rate is now the lowest since 28 November, when the bitcoin was trading close to $ 4,200.66, "wrote Nancy Pakbaz, a DailyFX analyst. "The number of net traders is 1.6 percent lower than yesterday and 2.7 percent less than last week, while the number of net traders is 14.0 percent higher than yesterday and 21.4 percent more than last week. "
Bitcoin is not the only cryptocurrency in tilt. Even the Altcoins are struggling. The ether fell 3.3 percent to $ 86.15 per share, Litecoin fell 3.6 percent to $ 23.33, the XRP fell 0.3 percent to 39 cents and Bitcoin Cash dropped 5.5 percent to $ 95.70.
This puts the total value of all cryptocurrencies to less than $ 110 billion.
At the start of this year, Bloomberg cited an article from the Bank of International Settlements that bitcoin will never become a traditional currency because it has a "range of deficiencies" that will prevent it from meeting the expectations that it has verified last year.
Among the complaints: Bitcoin is not stable enough, it takes too much electricity to extract it and can be manipulated and subjected to fraud. Also, the idea of decentralization is a flaw and not a force, the bank said, and while it continues to grow, it could potentially damage everything from smartphones to servers.
"The associated communication volumes could stop the Internet from being interrupted," according to the report, according to Bloomberg. "Put simply, the search for a decentralized trust quickly became an environmental disaster."