Bitcoin prices today fell 4.4% to $ 4,237.
Hong Kong: The great cryptocurrency incident of 2018 is heading for its worst week yet. Bitcoin rose to $ 4,000 and most of its peers fell on Friday, extending the weekly Bloomberg Galaxy Crypto Index drop to 25%. This is the worst five-day period since the crypto-mania peaked at the beginning of January.
After an epic rally last year that has overcome many of the most famous bubbles in history, the cryptocurrencies are mired in a route of almost 700 billion dollars that shows few signs of decrease. Many of the concerns that triggered the collapse of 2018 – including more regulatory control, internal community struggles and exchange snafus – have only intensified this week. Even after losses of over 70% for most virtual currencies, Stephen Innes of Oanda Corp. has not yet seen clear evidence of a capitulation that could indicate a market fund.
"There's still a lot of people in this game," he told the phone from Singapore Innes, head of trading for the Asia Pacific in Oanda. If Bitcoin "collapses, if we start to see a run towards $ 3000, this thing will be a monster." People will run to the exits. "
Innes said its bitcoin base forecasts are trading between $ 3,500 and $ 6,500 in the near term, with the potential to fall to $ 2,500 by January.
The largest cryptocurrency has shrunk 4.4% to $ 4,237 at 11:31 Hong Kong, according to Bloomberg's composite prices. The rivals Ether, Ripple and Litecoin have all decreased by at least 4.8%. The market value of all cryptocurrencies tracked by CoinMarketCap.com dropped to $ 138 billion, down from around $ 835 billion at the January market peak.