The 2018 selloff in cryptocurrencies deepened, wiping out $42 billion of market value over the weekend and extending this year’s slump in Bitcoin to more than 50 percent.
Some observers pinned the latest retreat on an exchange hack in South Korea, while others pointed to lingering concern over a clampdown on trading platforms in China. Cryptocurrency venues have come under growing scrutiny around the world in recent months amid a range of issues including thefts, market manipulation and money laundering.
Bitcoin has dropped about 12 percent since 5 p.m. New York time on Friday and was trading at $6,764.34 as of 11:45 a.m. in London on Monday, bringing its decline since Dec. 29 to 53 percent. Most other major virtual currencies also retreated since Friday, sending the market value of digital assets tracked by Coinmarketcap.com to a nearly two-month low of $298 billion. At the height of the global crypto-mania in early January, they were worth about $830 billion.
Wow, how the "mighty" have fallen: BTC peak value was $19,783.06 in Mid Dec 2017 but now $6,764.34 which is 1/3rd of the price that some crazy folks paid! However cryptocurrencies are actually worthless, therefore the current price is $6,764.34 too much!
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