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Cryptocurrencies Continue to Suffer Deep Losses

Dave Jackson Dave Jackson, Stockhouse
0 Comments| December 10, 2018

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The value of Bitcoin (BTC) continues to dive southward after the cryptocurrency hit its lowest point of the year last week.  
The virtual currency dropped to around US$3,280 on Friday evening, before creeping up to US$3,542 per coin at press time, according to Einstein Exchange.
The recent cryptocurrency fire sale, and the “epic plunge” in value as CNN puts it, have been attributed in part to a warning from US Securities and Exchange Commission (SEC) commissioner Hester Peirce. In conversation with Peter McCormack of ‘What Bitcoin Did’, the commissioner says she’s still trying to convince other members of the agency to approve more Bitcoin Exchange Traded Funds (ETFs) to help open up the crypto marketplace.
News of a “hard fork” in the Bitcoin network last month has also been suggested as a contributing factor to the massive price drops that have seen the virtual token sink by more than 80% from its US$20,000 high recorded last December, as recently noted by Forbes. A so-called hard fork occurs when a digital coin splits to form a new cryptocurrency.
Ethereum’s (ETH) struggles continue, down over 6% on the day and trading at US$96. Digital currencies in the top ten are mostly in the red, between minus 2% to 8% over the past 24-hours.

Total market capitalization is still way down, hovering just above US$110 billion at the time of writing. It could drop below that at any time as the bears are still lurking.

Since Saturday’s big selloff, markets have recovered marginally, but are still battered. From the same time last month, cryptocurrency capitalization has been slashed by nearly half, with around US$100 billion flying out the digital door. Bitcoin dominance is the only thing climbing at the moment, as it now comprises 55% of the crypto market space.


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