Crypto Collapse Plunges Market Cap to 16 Month Low

Bitcoin's nightmare year gets even worse

Bitcoin's nightmare year gets even worse

Bitcoin slipped more than 20% this week and almost 50% this month, according to Cointelegraph's Bitcoin Price Index.

To support this narrative, the research records that at the time of these offers the price of Bitcoin was relatively stable around $6,000 but, when one of the offers ended, the price of Bitcoin dipped below $6,000 never to come back up. This should be the bottom of the bear market before the bounce, but it isn't / won't be.

Ripple, the second-largest cryptocurrency by market cap, fell about 10% to $0.30 as of time of publication. "More likely, it appears that the volume promotion by Bithumb caused several months of stabilization in prices, to begin with".

Ethereum, Litecoin, EOS and Stellar were all deep in negative territory, falling by double digits. Another $20 billion has been lost this week alone as markets plunged a further 15%.

Cryptocurrencies are notoriously volatile, but that's not to say there's no rhyme or reason to the double-digit drops.

Stolfi also argued that because Bitcoin is not tied to any real world value-creation or asset, the price must necessarily be "fictitious", established exclusively by speculation and quick-stepping trading bots.

Armstrong says Uber investment saved his family
Postal Service", which sponsored his team during the Tour de France. "It's saved our family", Armstrong says of that $100,000 bet. Armstrong said the bulk of the money went to Uber, which at the time was valued at just $3.7 million.

Bitcoin Cash split off from Bitcoin's original blockchain in August 2017 in what's known as a hard fork, or a separation from the Bitcoin protocol.

Interestingly, Bitcoin SV was an exception to the drop, surging 9% to $102.50.

What we have seen through 2018 is a number of applications to open a Bitcoin ETF filed with the United States Securities and Exchange Commission (SEC).

"Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to List and Trade Shares of SolidX Bitcoin Shares Issued by the VanEck SolidX Bitcoin Trust"The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change".

"Don't hold your breath". In July, the SEC rejected a proposal for a bitcoin ETF presented by Cameron and Tylor Winklevoss. "I am not as charming as some other people".

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