Money Bitcoin price tumbles to a 2018 low: Speculators who bought in at last December's peak are sitting on a 66% loss

18:30  13 june  2018
18:30  13 june  2018 Source:   dailymail.co.uk

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Cryptocurrency' s price soared from less than ,000 to nearly ,000, then tumbled to a low of Since bitcoin is not yet accepted by many merchants, its value depends on speculators ' view on Instead, gains or losses are reflected in the changing price of the contracts themselves as the

Last November — before December ’ s pricing peak — the amount of bitcoin held for investment was roughly three times that held by traders. However, by April 2018 , the data show the amount held by investors — about 6m bitcoin — was much closer to the amount held by short-term speculators , with

  Bitcoin price tumbles to a 2018 low: Speculators who bought in at last December's peak are sitting on a 66% loss © Getty The price of bitcoin has tumbled to its 2018 low today and means that those who jumped on the cryptocurrency bandwagon late last year will now be sitting on significant paper losses.

Bitcoin has fallen below $6,500, down to its lowest level since early November 2017, at which point a surge in interest saw its value dramatically increase. At its peak, the cryptocurrency raced to beyond $19,300 a coin as excitement over it reached fever pitch.

US academic research today suggests a major factor in the boom was a small number of owners driving up the price.

a close up of a snail: Bitcoin price: It has tumbled from $19,300 a coin from its mid-December peak to below $6,500 today © Provided by Associated Newspapers Limited Bitcoin price: It has tumbled from $19,300 a coin from its mid-December peak to below $6,500 today

The rising value saw many eager buyers want to join the crypto craze before it was 'too late'. But those who bought at that peak are now sitting on a 66 per cent loss.

'The platform is under extreme load:' Cyber attack brings major cryptocurrency exchange to its knees

  'The platform is under extreme load:' Cyber attack brings major cryptocurrency exchange to its knees REUTERS/Dado Ruvic/Illustration One of the largest cryptocurrency exchanges shut Tuesday morning because of a cyber attack. "The platform is under extreme load," Bitfinex said at 9:39 a.m. ET. Bitcoin wasAccording to its incident page, the exchange shut early Tuesday morning after it experienced problems with its trading engine. For a short period the exchange was back online after the issue was addressed. But the exchange was then hit with a so-called denial-of-service attack, which is when a network of virus-infected computers overwhelm websites with massive amounts of data.

On August 1, 2017, for example, bitcoin speculators received one unit of bitcoin cash for every Correction: This story has been updated to reflect that the price of bitcoin plunged to a low of Bitcoin tumbles 10% on news of South Korea crypto exchange hack cnbc.com on 11.06. 2018 03

Bitcoin , the best-known cryptocurrency whose skyrocketing price in the past year captured the imagination of speculators and skeptics alike, has come under intense selling pressure early in 2018 . Bitcoin careened 25% lower Tuesday after a startling gain of nearly 1

It means that if £10,000 was invested in bitcoin on 17 December 2017, it would now be worth just £3,400.

Many may have piled in after hearing about big returns some early adopters had made and hoped to also turn a quick buck.

It came after the price raced from $1,000 a coin at the start of January 2017 to soar 20-fold before the end of the year. At the start of 2016, the price was $450 a coin.

It is not just bitcoin which has seen prices struggle in recent times. Ethereum is down to $470 a coin, from a 10 January peak of $1,300 while ripple is down to $0.53 from a high of $3.32 and litecoin is $95, down from a peak of $331 in December.

a screenshot of a cell phone © Provided by Associated Newspapers Limited

a screenshot of a map: Highs and lows: Bitcoin has fallen to a 2018 low while ethereum is also down vastly compared to its January peak © Provided by Associated Newspapers Limited Highs and lows: Bitcoin has fallen to a 2018 low while ethereum is also down vastly compared to its January peak The recent falls are thought to be partly caused as a knock-on effect in the aftermath of a major cryptocurrency exchange hack in South Korea.

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Its tumble to a low of US,186 (HK,818) pushed a month-long rout past 50 Bitcoin ’ s losses reached US0 billion (HK trillion) from its record of US,511 (HK2,541) on December 18. Winklevoss Twins are now ex-billionaires after bitcoin plunge. That’ s left speculators across the

During the retail driven mania of December 2017 to April 2018 , early Bitcoin investors (whales, OG' s , whatever you want to call them), sold BILLION dollars worth of Bitcoin to speculators So those of us who bought in January are pretty much stuffed then, at least for the rest of this year.

Coinrail, a popular exchange in the country was breached at the weekend, with a variety of coins swiped by hackers.

The exchange didn't reveal how much was stolen nor whether larger digital currencies, such as bitcoin, was part of the hack, but it is thought around $28million was taken during the attack.

David Sapper, chief operating officer at crypto exchange Blockbid, said: 'The recent Coinrail hack shows that the fast-paced, evolving world of cryptocurrency is continuing to hold strong appeal to fraudsters and hackers, which in turns grows the level of risk for the market.

'With little regulation in place across exchanges and cryptocurrency trading, unauthorised access from external parties on core systems and customer accounts are a potential threat.

'The more popular an exchange becomes, the harder the platform must perform, thus leaving any potential holes in security open for interception.'

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Published: Jan 24, 2018 7:39 a.m. ET. Bitcoin “investors” (or, to be more accurate, speculators ) may be in denial, and reporters and How low could bitcoin go? For that, look at history. Crashes following the world’ s biggest stock-market bubbles have resulted in share price declines of 80%-90%.

Bitcoin Price Predictions 2018 : What Experts Forecast For Cryptocurrency Bitcoin veterans tweeted holiday Here are bitcoin price predictions from 15 of the world' s leading speculators . Bitcoin forecast and predictions. com. 4% – over 0 USD – from last night’ s low , at 3:30 pm EST this

Bloomberg revealed earlier in the week that bitcoin has lost more than $42billion in market value this year, thanks to the hack threat and increased scrutiny.

This loss equates to roughly half the total of the entire cryptocurrency market.

The fall in price comes after an academic paper suggests today that the price of bitcoin was artificially increased last year by a small number of holders.

The paper is by John Griffin, a finance professor at the University of Texas who has a track record for spotting fraud in financial markets.

Alongside graduate Amin Shams, it concludes that a concentrated campaign of price manipulation was likely to have accounted for half the increase in the price of bitcoin – and others – late last year.

Mr Griffin said of the 66 page document: 'There were obviously tremendous price increases last year, and this paper indicates that manipulation played a large part in those price increases.' 

Bitcoin has a market cap of 21million coins. 

It is believed around 82 per cent of these coins have already been mined.

Cryptocurrencies Lose $42 Billion After South Korean Bourse Hack

  Cryptocurrencies Lose $42 Billion After South Korean Bourse Hack 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 retreat on an exchange hack in South Korea, while others pointed to lingering concerns 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 12 percent since 5 p.m. New York time on Friday and was trading at $6,765.54 as of 2:49 p.m.

The last time XRP, the third-largest cryptocurrency by market cap, was trading this low was December 2017, according to historical data from CoinMarketCap. Despite the steep losses in 2018 so far, many "I talk to hedge funds, high net worth individuals, even commodity speculators ," he said.

Bitcoin has crashed to as low as ,500, falling below ,000 for the first time since November and neatly halving its December 19th peak of ,000, according to Coinbase. It has declined steadily since CES 2018 started, thanks to reports that South Korea planned to clamp down on the

Investors will be keeping their fingers crossed that once they have all been mined – a process by which transactions are verified and added to the public ledger, known as the blockchain – the price may start moving north once more.


Find out how bitcoin and the blockchain works, so that you have some understanding of the system, the ledger, the major players and the public and private key elements.

Remember bitcoin yields nothing and its main source of value is scarcity. Most bitcoin activity is trading not investing. 

Research coin wallets, the digital vaults where cryptocurrency is held, and consider security carefully. Bitcoins have been stolen before, understand how this happened.

Be prepared for extreme volatility. The price can move by 20 per cent in one day and you could easily lose half of your cash in a far quicker time that investing in the stock market.

Consider how you would cash in any gains. There are reports that this has proved hard for some people. A time of market stress could lead to people being locked in and unable to trade.

Read our guide to How to be a successful investor, which looks at the far less high octane world of long-term investing and how to make it a success. 

What is bitcoin?

The digital currency that most will be familiar with is free from government interference and can be shared instantly online. It doesn't rely on trusting one central monetary authority.

The underlying technology is blockchain, a financial ledger maintained by a network of computers that can track the movement of any asset without the need for a central regulator. 

Bitcoin Could Break the Internet, Central Bank Overseer Says .
The Bank for International Settlements just told the cryptocurrency world it’s not ready for prime time -- and as far as mainstream financial services go, may never be. In a withering 24-page article released Sunday as part of its annual economic report, the BIS said Bitcoin and its ilk suffered from “a range of shortcomings” that would prevent cryptocurrencies from ever fulfilling the lofty expectations that prompted an explosion of interest -- and investment -- in the would-be asset class.

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