Bitcoin, Other Tokens, Continue Plunge As Leads For Rebound Nowhere In Sight

Dec 07, 2018 at 21:35

Leading cryptocurrency Bitcoin lost more than 11 percent against the greenback Friday afternoon during Asian hours.

In November, the world’s largest cryptocurrency saw its lowest in nearly two years. And December is not showing signs of easing in the challenges it pose.

On the first day of December alone, Bitcoin dropped as much as 8 percent.

Bitcoin hovered around $3,367.50 as of 2:30 p.m. HK/SIN (1:30 a.m. ET on Friday), falling 11.32 percent in a day, according to a report by the CNBC, citing Coindesk data

Meanwhile, prices of XRP and Ether, respectively second and third largest cryptocurrencies by market value, showed the same disappointment.

XRP fell 10.16 percent and Ether dropped 15.56 percent.

Zennon Kapron, director at financial technology consultancy Kapronasia, said the market signifies that the cryptocurrency market “definitely seems to be suffering.”

“The market is in a general bearish trend that doesn’t seem to be letting up driven by what seems to be a general negative sentiment towards crypto,” Zapron was quoted.

“As the market is heavily retail driven, it’s very much at the mercy of group sentiment which causes huge swings.”

The Kapronasia analyst added that the lack of catalysts this month might prolong the crypto market’s decline into 2019.