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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 4:34 PM
Updated: Dec 7, 2018 4:34 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.

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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.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 352891

Reported Deaths: 7597
CountyCasesDeaths
Hinds24704451
DeSoto23619283
Harrison21395335
Jackson15984255
Rankin15957294
Madison11224227
Lee10952180
Jones9316171
Forrest9136163
Lauderdale8211244
Lamar736590
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Union441479
Monroe4390138
Lincoln4247116
Pike3771114
Leflore3696125
Alcorn362474
Tate356188
Sunflower351794
Adams350690
Scott349177
Yazoo344877
Copiah333569
Simpson329191
Itawamba318581
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Coahoma316385
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Prentiss304163
Leake291976
Marion291882
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Holmes204374
Clarke190480
Tallahatchie185842
Smith184936
Calhoun184632
Yalobusha174241
Walthall151249
Lawrence146426
Greene144735
Amite140144
Noxubee137635
Perry137038
Montgomery134644
Carroll127531
Webster125132
Jefferson Davis121334
Tunica116627
Benton108425
Claiborne106131
Kemper105029
Humphreys102533
Franklin88724
Quitman86819
Choctaw83619
Wilkinson79632
Jefferson72328
Sharkey52018
Issaquena1746
Unassigned00

Alabama Coronavirus Cases

Cases: 595816

Reported Deaths: 11561
CountyCasesDeaths
Jefferson865251591
Mobile50436872
Madison37905534
Shelby27652260
Tuscaloosa27422465
Montgomery26428628
Baldwin26175329
Lee17414181
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Morgan15265291
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Houston12297294
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Walker7873288
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Colbert6780142
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Covington4864125
Russell483543
Chilton4828117
Franklin465681
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Escambia457583
Chambers4007125
Dallas3756164
Clarke374663
Marion3490107
Pike336979
Lawrence3280100
Winston301973
Bibb293766
Geneva293083
Marengo263867
Barbour254361
Pickens247962
Butler243672
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Henry218845
Monroe206941
Randolph203844
Cherokee201748
Washington189439
Macon172252
Crenshaw171758
Clay167659
Cleburne161845
Lamar152638
Lowndes146555
Wilcox132731
Bullock126542
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Coosa119729
Perry111228
Sumter110933
Greene99937
Choctaw64525
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