Credit - Shutterstock/Wit Olszewski
Bitcoin registered its biggest monthly decline in more than seven years as investors re-evaluate the prospects of digital money following last year’s euphoria.
Tuesday 04, December 2018
(Bloomberg)--The biggest cryptocurrency dropped 6.1 per cent to $3,930 on Friday, bringing its monthly loss to 37 per cent. That’s the steepest drop since August 2011, when the token tumbled 39 per cent to $8.20. Bitcoin surged to a record $19,511 in December 2017.
“It’s been a horrible bear market in tokens,” Galaxy Digital Holdings Ltd. founder Michael Novogratz said Friday during a conference call recapping his company’s third-quarter results.
Other leading digital currencies extended their slide. Ether declined about three per cent to $111, bringing its monthly loss to 43 per cent. XRP slumped 4.1 per cent to 36 cents, pushing its monthly loss to 21 per cent.
“Part of the sell-off is because, I think, the SEC got tough on a few fraudulent ICOs," Novogratz said. “People got very nervous.”