STREAMING NOW: Watch Now

Bitcoin's epic plunge continues

What a difference a year makes for bitcoin.In December 2017, bitcoin prices hit a record high of just...

Posted: Dec 7, 2018 2:34 PM
Updated: Dec 7, 2018 2:34 PM

What a difference a year makes for bitcoin.

In December 2017, bitcoin prices hit a record high of just under $20,000. Flash forward to December 2018 and bitcoin is now trading a little below $3,400. That's a more than 80% plunge. Bitcoin is at a 15-month low.

Bitcoin

Business, economy and trade

Digital currencies

Economy and economic indicators

Money, banknotes and coins

Banking, finance and investments

Exchange-traded funds

Financial markets and investing

Funds and investment trusts

But prices have really gotten whacked this week, falling nearly 20% in just the past five days alone.

Bitcoin isn't the only cryptocurrency getting hit either. Ripple/XRP, ethereum, stellar, litecoin and numerous other cryptocurrencies have plunged in the past week.

Little tangible news can explain or justify the current crypto carnage.

One possible reason is that a pro-crypto member of the Securities and Exchange Commission warned at a conference this week that she's fighting an uphill battle trying to convince the rest of the SEC to approve more bitcoin exchange traded funds.

"Don't hold your breath. I do caution people to not live or die on when a crypto or bitcoin ETF gets approved," said SEC commissioner Hester Peirce.

That's not a good sign. Peirce's comments probably mean hopes for a bitcoin ETF getting approved anytime soon have been dashed, according to long-term bitcoin bull Naeem Aslam, chief market analyst with Think Markets UK Ltd.

Aslam argued that bitcoin prices could wind up plummeting below $2,000 and even test the $1,500 level.

"Simply put, the bad news keeps coming just like cockroaches coming out of a hole," Aslam wrote in a report.

More downside could be ahead simply because the price of bitcoin and many other digital currencies just ran up so sharply last year. It was a parabolic move that defied reason, similar to internet stocks in the late 1990s -- a classic mania.

Nearly two-thirds of money managers surveyed by asset management firm Natixis still thought that cryptocurrencies were a bubble, the firm reported this week.

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 135973

Reported Deaths: 1843
CountyCasesDeaths
Multnomah28796460
Washington18973176
Marion16475242
Clackamas11866139
Lane8564113
Jackson704390
Umatilla689071
Deschutes510339
Yamhill325447
Malheur318253
Linn317049
Polk251040
Klamath248844
Josephine180535
Benton176914
Douglas173143
Jefferson171825
Union113116
Wasco110223
Columbia105518
Lincoln101517
Hood River96921
Coos96215
Morrow95510
Clatsop6995
Crook63111
Baker5805
Tillamook3682
Curry3235
Lake2375
Grant2131
Harney1794
Wallowa983
Gilliam521
Sherman470
Wheeler201
Unassigned00
Eugene
Cloudy
45° wxIcon
Hi: 46° Lo: 40°
Feels Like: 41°
Corvallis
Partly Cloudy
43° wxIcon
Hi: 47° Lo: 36°
Feels Like: 43°
Roseburg
Cloudy
43° wxIcon
Hi: 45° Lo: 42°
Feels Like: 39°
North Bend
Cloudy
46° wxIcon
Hi: 48° Lo: 40°
Feels Like: 46°
KEZI Radar
KEZI Temperatures
KEZI Planner

LATEST FORECAST

Community Events