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Home / Business / The Bitcoin Massacre is approaching dot-com levels as many tokens go to zero

The Bitcoin Massacre is approaching dot-com levels as many tokens go to zero



Bitcoin's meteoric rise last year has been described by many observers as one of the greatest speculative mania in history.

The crash course of 2018 could help solidify its place in the bubble record books.

70 percent less than in December After the sliding Friday, Friday, Friday, Bitcoin still approaches the Nasdaq Composite Index by 78 percent after the dot-com bubble burst in the US. Hundreds of other virtual coins have gone to zero on the same path as Pets.com and other glowing IPOs that flared up in the early 2000s.

While Bitcoin has been thrown back by major losses, it's far from clear that it can do the trick again, now that much of the world knows about cryptocurrencies and has decided whether to invest. Bulls point to the eventual recovery of the Nasdaq and say institutional investors are a massive pool of potential buyers of cryptocurrencies, but regulatory and security concerns have kept most large money managers on the sidelines so far.

"You must see the market reversed Before you see," Institutions are piling up, "said Peter Smith, CEO of Blockchain Ltd., who introduced a crypto trading platform for professional investors on Thursday, in an interview on Bloomberg Television

Bitcoin even dropped 4.2 percent to $ 5,791

on Friday, the lowest level since November, according to Bloomberg Composite Prices, in New York at 22:33 clock trading at $ 5,878, down 59 percent for the quarter Other coins, including ether and litecoin, declined more sharply, while the total value of tokens tracked by CoinMarketCap.com dropped to $ 236 billion, reaching around 830 at the peak of cryptomania Worth billions of dollars.

While Finding Fresh Catalysts Was Difficult Friday's bitcoin decline, hacks on two South Korean stock exchanges, and regulatory action in Japan weighed on sentiment in recent weeks Supervisors worldwide are in control Cryptocurrency intensified because they fear that they are a hotbed for illegal activities including money laundering, market manipulation and fraud

Lesser known brands have been hit hardest: Dead Coins list about 800, which are effectively worth nothing while Coinopsy more than 1,000 points. Less than 4 percent of coins with Ma According to a March analysis by ICO consultancy Satis Group in March, the rket caps were $ 50 million to $ 100 million successful or promising.

Bitcoin may not go to zero, but it's "very" a bubble, Nobel Laureate Robert Shiller An economist whose warnings of dot-com mania proved far-sighted said Tuesday in an interview with Tom Keene of Bloomberg Television. Last year's bitcoin increase was "not a sensible answer," he said.


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