Bitcoin prices are now 79% below its closing peak in December.
Hong Kong: The collapse of Bitcoin worsened over the weekend, placing the 2018 incident at a considerable distance from the worst ever cryptocurrency markets. The virtual currency, conceived just over a decade ago, fell to $ 3,475 on Sunday, showing Bitstamp prices. In Hong Kong, trading at $ 3,949 at 23:23, according to Bloomberg's composite prices. This is 7.3 percent below its level at 5.00pm Friday in New York and around 79 percent below the closing peak in December.
The crash has now entered the same league of 93% of Bitcoin in 2011 and its retreat of 84% from 2013 to 2015, during the crash of the Tokyo crypto exchange. Gox. In terms of dollars, the damage this time was much bigger: the virtual currencies tracked by CoinMarketCap.com have lost more than $ 700 billion in value from the market's peak.
While bulls are betting on the fact that demand from institutional investors will trigger a rally, most of the big money managers have remained aloof among concerns about currency security, market manipulation and regulatory risk.
The sell-off "is really testing the trust of some key players," said Ryan Rabaglia, Hong Kong head trader based at OSL, a cryptocurrency company, in a telephone interview. "I think that for this next push, we will need institutional money to finally get in. To give that support and help with growth."