#Bitcoin's epic plunge continues

December 8, 2018

 

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. 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.

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