Crypto's crash just surpassed dot-com levels as losses reach 80 percent

Mainstream Media Compares Crypto Bear Market to the Dot-Com Crash

Mainstream Media Compares Crypto Bear Market to the Dot-Com Crash

A bitcoin logo sits on a LL 1800W power unit supplying cryptocurrency mining machines at the SberBit mining "hotel" in Moscow, Russia, on Saturday, Dec. 9, 2017.

The Independent published a similar piece shortly after the Bloomberg article titled "Cryptocurrencies are in meltdown - are we about to see the end of the bitcoin dream?" that argued that while the comparison between crypto and the dot-com bubble may not be flawless, digital currencies are a "fringe" asset class that is likely to disappear once the global markets retract. This makes the 78% peak-to-trough decline of the dot-com crash by Nasdaq Composite Index look better. Exactly like the internet-stock boom, cryptocurrency investors have been betting big on a promising digital currency as they never thought to come across anything worse than the dot-com crash.

"It just shows what a massive, speculative bubble the whole crypto thing was - as many of us a the time warned. It's a very likely victor takes all market - Bitcoin now most likely". This comes after the second-largest virtual currency Ether fell 6% to United States $ 171.15 on Wednesday, in NY. It fell 6% to US$171.15 at 7.50am in NY, extending this month's retreat to 40%.

The total market cap of all cryptocurrencies is down 80% this year; bitcoin is down about 60%; ether is down 80% and hit a 52-week low on Wednesday; bitcoin cash is down 80%; XRP is down 88%.

Mark Wahlberg Reveals Insane Daily Workout Schedule Starting at 2:30 am
The 47-year-old actor also does a workout from 3:40-5:15 a.m., golf at 7:30 a.m., and "cryo-chamber recovery" at 9:30 a.m. This takes less time than his 9.30am cryotherapy, in which he spends an hour plunged in temperatures below -100C.

However, the crash has been confronted by the Crpto bulls, stating Bitcoin has earlier rebounded from past crashes of similar magnitude. There may be optimism in some parts of the market, but this selloff confirms that the progress is not likely to be smooth.

One silver lining of the crypto slump is that ramifications for the global economy are likely to be minimal.

The crypto industry's links with the traditional financial system also remain weak. Recently, news broke that Citigroup is looking into developing a cryptocurrency investment product that would allow institutions to purchase digital assets with complete security and regulatory approval.

"Until you can pay your taxes in cryptos, it's just a pointless investment vehicle", said Markets.com's Wilson.

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