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.

Confirmed Cases: 42101

Reported Deaths: 653
CountyConfirmedDeaths
Multnomah9137160
Marion5819108
Washington573975
Umatilla334944
Clackamas309765
Lane235427
Malheur191538
Jackson16696
Deschutes112313
Yamhill98715
Linn80315
Polk65015
Jefferson6049
Morrow5456
Lincoln51713
Union4662
Benton4416
Klamath4103
Douglas3495
Wasco34715
Hood River2771
Josephine2673
Columbia2591
Clatsop2420
Coos2380
Baker1203
Crook1072
Tillamook700
Curry571
Wallowa442
Lake350
Harney230
Sherman180
Gilliam110
Grant110
Wheeler10
Unassigned00
Eugene
Clear
36° wxIcon
Hi: 52° Lo: 30°
Feels Like: 36°
Corvallis
Clear
37° wxIcon
Hi: 56° Lo: 30°
Feels Like: 32°
Roseburg
Clear
41° wxIcon
Hi: 62° Lo: 32°
Feels Like: 41°
North Bend
Clear
43° wxIcon
Hi: 58° Lo: 41°
Feels Like: 39°
KEZI Radar
KEZI Temperatures
KEZI Planner

LATEST FORECAST

Community Events