No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,500
Turmoil engulfed cryptocurrency markets again on Tuesday, with every major coin extending a rout that’s rocking confidence in the nascent asset class.
Bitcoin gave up a small early gain to slump 7.9 percent as of 9:16 a.m. in London. The largest digital currency, which started the year at more than $14,000, has fallen to $4,409.43. Rivals including Ether, Litecoin and XRP joined the slide, though they pared losses that reached as much as 17 percent.
After months of relative stability, cryptocurrency bulls have been left reeling by a sudden market downturn in November. Digital assets have now lost almost $700 billion of market value since crypto-mania peaked in January, according to CoinMarketCap.com. Trading on futures markets, where investors can bet against Bitcoin, has soared.
While the trigger for the latest sell-off is unclear, it has coincided with a “hard fork” of Bitcoin Cash. The move, which split the offshoot of the original Bitcoin into two, has underscored the sometimes chaotic nature of a crypto community racked by infighting.
Read more: https://www.bloomberg.com/news/articles/2018-11-20/no-end-in-sight-for-crypto-sell-off-as-tokens-take-fresh-hit