BREAKING NEWS WATCH: A look at Highway 126 after the Holiday Farm Fire Full Story

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: 31865

Reported Deaths: 539
CountyConfirmedDeaths
Multnomah7022136
Marion456992
Washington441759
Umatilla293941
Clackamas234661
Malheur158926
Jackson11094
Lane109616
Deschutes79312
Yamhill75013
Jefferson5218
Polk51515
Linn49513
Morrow4946
Lincoln47613
Union4392
Benton2946
Klamath2792
Wasco2793
Hood River2490
Douglas2244
Josephine1952
Columbia1551
Coos1490
Clatsop1310
Baker922
Crook621
Tillamook510
Curry310
Lake290
Wallowa281
Sherman180
Harney120
Grant90
Gilliam80
Unassigned00
Wheeler00
Eugene
Overcast
59° wxIcon
Hi: 64° Lo: 55°
Feels Like: 59°
Corvallis
Overcast
57° wxIcon
Hi: 61° Lo: 53°
Feels Like: 57°
Roseburg
Overcast
61° wxIcon
Hi: 68° Lo: 58°
Feels Like: 61°
North Bend
Scattered Clouds
59° wxIcon
Hi: 67° Lo: 57°
Feels Like: 59°
KEZI Radar
KEZI Temperatures
KEZI Planner

LATEST FORECAST

Community Events