INSUBCONTINENT EXCLUSIVE:
By Eddie van der WaltBitcoin’s painful 2018 crash continues, with the original cryptocurrency touching the lowest in more than a month on
Monday.
Falling as much as 5.2 per cent since the weekend, the largest digital asset in the space dragged the Bloomberg Galaxy Crypto Index
to its worst decline in more than two weeks
Ether and Bitcoin Cash both fell more than 10 per cent.
It’s been a disappointing start to the year for crypto investors, who hoped that
the pain of the downturn was behind them
More than $400 billion in market value was wiped out in the past 12 months as widespread adoption failed to materialise, according to data
The total market capitalisation is now about $113 billion.
Meanwhile, the economics of the industry has come under pressure, with so-called
miners finding the average cost of producing Bitcoin was more than its value
More work is being done to identify money laundering using the asset class.
The technical outlook doesn’t augur well for the bulls
Based on the GTI VERA Convergence Divergence Technical Indicator, the largest cryptocurrency just entered a new selling trend today for the
first time since mid-November
The last time a sell signal was sent, Bitcoin tumbled about 50 per cent from $6,280 a coin to $3,156 over a nearly two-week span.
