Bitcoin, Ethereum in free fall, barely hanging to dear digital life

December 7, 2018 5:46 pm


Bitcoin (BTC) and crypto currencies will always have a digital pulse and place in a crypto-blockchain future.

But right now, cryptos have difficulty breathing with ER staff scrambling to resuscitate a number of casualty coins, binary patients of a system in search of a miracle cure.

And without one in view, everyone is left scratching their heads on what next to do.

Read: If your Bitcoins crossed paths with Iranian wallets, Run! 

In a gurney, on life support

CNBC

Bitcoin fell more than 11.3% against the dollar in 24 hours by Friday afternoon, according to data from industry site Coindesk. Bitcoin traded at $3,377.5 at time of publishing.

Prices of XRP and Ether, the second and third largest cryptocurrencies by market value, plunged in the same 24 hour period. XRP fell 10.16% and Ether dropped 15.56%, according to Coindesk.

One analyst told CNBC via email that the cryptocurrency market “definitely seems to be suffering.”

“The market is in a general bearish trend that doesn’t seem to be letting up driven by what seems to be a general negative sentiment towards crypto,” said Zennon Kapron, director at financial technology consultancy Kapronasia.

“Without any positive drivers in the near future, this could continue well into 2019,” he said.

Read: Could Bitcoin whales drown you in more crypto debt?

The industry saw its entire market cap fall almost 86.9% from its highs in January, according to data from Coinmarketcap.

In the last 24 hours, BTC’s market capitalization has dropped by $4.8 billion, and is down more than $14 billion on the week, indicating traders may now be moving money out of bitcoin and into dollars, according to Coindesk.

Ethereum’s ether cryptocurrency, Stellar’s XLM token and bitcoin cash each fell between 11-15%, not letting up anytime soon.

CCN reports that for the first time since May 2017, the Ethereum price has fallen to the $80 region.

The Bitcoin Cash price fell to a double-digit at $94 for the first time in its 16 month history, from an August 2017 debut in a range of $2,000 to $4,000.

The total market capitalization of all cryptocurrencies fell sharply as well, wiping away another $11.5 billion to stand at $110.6 billion on the day, a far cry from $813 billion seen on Jan. 8, CoinMarketCap data shows. 

Read: Bitcoin, altcoins bouncing back, but main issue remains unchanged

Another losing bet?

Forbes reports that Anthony Pompliano, co-founder and partner at Morgan Creek Digital, is so confident of bitcoin’s future that his firm is willing to put up a $1 million wager that these cryptocurrencies will prove to be a better investment than the biggest U.S. stocks and shares—if anyone is willing to take Morgan Creek on.

A call option on the bitcoin price of $50,000, purchased for almost $1 million on LedgerX’s trading platform just days after bitcoin peaked a year ago, is about to expire. For the contract to retain any value when it expires on December 28, bitcoin would need to rally some 1,200%, according to a Bloomberg report.

Major cryptocurrencies down from their all-time highs (ATH), data provided by altcoinindex.com

Ripple (XRP), EOS (EOS), Stellar (XLM), and Bitcoin Cash (BCH) have all fallen by more than 91% from their all-time highs, with BCH down a staggering 97%.

 

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Hadi Khatib
By Hadi Khatib
Hadi Khatib is a business editor with more than 15 years' experience delivering news and copy of relevance to a wide range of audiences. If newsworthy and actionable, you will find this editor interested in hearing about your sector developments and writing about it.



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