{"id":286850,"date":"2018-11-25T16:26:28","date_gmt":"2018-11-25T14:26:28","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=286850"},"modified":"2018-11-25T16:26:28","modified_gmt":"2018-11-25T14:26:28","slug":"bitcoin-is-down-75-in-2018-as-it-closes-in-on-3500","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/286850\/bitcoin-is-down-75-in-2018-as-it-closes-in-on-3500\/","title":{"rendered":"Bitcoin is down 75% in 2018 as it closes in on $3,500"},"content":{"rendered":"
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The great crypto crash of 2018 plunged deeper over the weekend.<\/p>\n

Bitcoin slid another 4.5% to $3,635 at midnight Sunday in New York, according to Bitstamp. It recouped most of the losses by 7:50 a.m. but remains in the red. It\u2019s lost 33% in the past week and 75% this year.<\/p>\n

Cryptocurrencies just had their worst week ever, and Bitcoin is 82% below its high of $19,666 almost a year ago. Ripple declined 5.3% to 35 cents, and is about 90% below its peak.<\/p>\n

After an epic rally last year that exceeded many of history\u2019s most notorious bubbles, digital currencies have become mired in an almost $700 billion rout that shows few signs of abating.<\/p>\n

Many of the concerns that sparked the 2018 retreat – including increased regulatory scrutiny, community infighting and exchange snafus – have only intensified this week.<\/p>\n

Even after the steep losses, Oanda Corp.\u2019s Stephen Innes has yet to see strong evidence of a capitulation that would signal a market bottom.<\/p>\n

\u201cThere\u2019s still a lot of people in this game,\u201d Innes, head of trading for Asia Pacific at Oanda, said by phone from Singapore last week. \u201cIf we start to see a run down toward $3,000, this thing is going to be a monster. People will be running for the exits.\u201d<\/p>\n

Innes said his base-case forecast is for Bitcoin, which turns 10 this year, to trade between $3,500 and $6,500 in the short term, with the potential to fall to $2,500 by January.<\/p>\n

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Read: Bitcoin sinks toward $4,000<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The great crypto crash of 2018 plunged deeper over the weekend.<\/p>\n","protected":false},"author":59,"featured_media":230909,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[5537,26],"class_list":["post-286850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-bitcoin","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/286850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=286850"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/286850\/revisions"}],"predecessor-version":[{"id":286854,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/286850\/revisions\/286854"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/230909"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=286850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=286850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=286850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}