Year to Date: Bitcoin Has Lost $72-B+ in Value

Year to Date: Bitcoin Has Lost $72-B+ in Value

Year to Date: Bitcoin Has Lost $72-B+ in Value

$BTCUSD

  • Bitcoin, despite the deep dive, remains the largest cryptocurrency.
  • Bitcoin has fallen to its lowest marks in 2 months loosing $72-B in market cap YTD

Y 2018 has been a fast reversal from the prior year for cryptocurrencies, whose prices seemed to only to move North.

Bitcoin represents 33% of the total cryptocurrency market capitalization, according to CoinMarketCap.com, now trading 57% off of its all-time high at 19,843 set on 18 December.

Currently Bitcoin is trading at: 8,609.0049 , -1,454.86, -14.46%, as of 5:36a GMT, the market is open.

Thursday’s decline was triggered by comments from India’s finance minister, who said the country’s “government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.”

Facebook’s announcement that it would ban all ads for cryptocurrencies and ICO’s, as well as reports that 2 major exchanges, Bitfinex and Tether, were subpoenaed by the US Commodity Futures Trading Commission (CFTC), also helped undermine the cryptocurrency markets this week

Ethereum was the only major coin to finish January in the Green. The 2nd-largest cryptocurrency saw gains of 45% during Y 2018’s 1st month, compared to a loss of  almost 30% for Bitcoin, and respective declines of 45% and 35% for Ripple’s XRP and Bitcoin Cash.

The state of cryptocurrency looks weak in here.

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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