As of Friday, Bitcoin has fallen for four consecutive days, down 70% from its December high, and is getting closer to the 78% decline in the Nasdaq (7510.3037, 6.62, 0.09%) composite index after the US Internet bubble burst. Hundreds of other virtual coins are almost zero, as the trend of Pets.com and other hot IPOs in the early 2000s.
Although Bitcoin has previously experienced greater declines and has successfully rebounded, considering that cryptocurrencies have long been known, many people have already decided to invest or keep a long-cherished view, so it is not clear whether Bitcoin will be able to turn the tide once again. Stark eventually regained the decline after the dot-com bubble, and a large number of potential buyers of cryptocurrencies called institutional investors, but so far, regulatory and security concerns have kept most large investment managers on the sidelines.
Blockchain Ltd. launched a cryptocurrency trading platform for professional investors on Thursday. Peter Smith, chief executive of the company, said in an interview with Bloomberg Television that the market must first reverse the downtrend, after which institutional investors will flock. Into.
According to Bloomberg's comprehensive offer, Bitcoin once fell 4.2% to US$5791 on Friday, the lowest level since November last year. At 10:33 am New York time, Bitcoin traded at US$5878 and fell 59% in 2018. In the second quarter, it fell by 14%. Other cryptocurrencies, such as Ether and Litecoin, suffered a greater decline. The total value of cryptocurrencies tracked by CoinMarketCap.com has dropped from approximately $830 billion at the most feverish to $236 billion.
Although it was difficult to find new catalysts for the fall of Bitcoin on Friday, South Korea’s two cryptocurrency exchanges were hacked, and Japan’s tightening of supervision over cryptocurrency exchanges has hit market sentiment in recent weeks. Regulators have stepped up cryptocurrency censorship and fear that they will become a hotbed of money laundering, manipulation of markets and fraud and other illegal activities.
The less well-known cryptocurrencies have been hit hardest. The list of almost crypto-cryptocurrencies listed by Dead Coins has reached about 800, and Coinopsy has more than 1,000 statistics. According to Satis Group, a first-generation token distribution consulting firm. According to the analysis, less than 4% of the cryptocurrency with a market capitalization of 50 million to 100 million U.S. dollars has been successful or has good prospects.
Robert Schiller, the Nobel Prize-winning economist who gave a precise warning of the Internet bubble, said in an interview with Bloomberg TV station Tom Keene on Tuesday that Bitcoin may not return to zero, but it is 'basically' a bubble. He said Last year's soaring Bitcoin 'is not a rational response'.