{"id":289830,"date":"2018-12-07T09:07:46","date_gmt":"2018-12-07T07:07:46","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=289830"},"modified":"2018-12-07T09:07:46","modified_gmt":"2018-12-07T07:07:46","slug":"bitcoin-has-now-plummeted-more-than-80-from-its-all-time-high","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/289830\/bitcoin-has-now-plummeted-more-than-80-from-its-all-time-high\/","title":{"rendered":"Bitcoin has now plummeted more than 80% from its all-time high"},"content":{"rendered":"
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Cryptocurrencies continued their slide with a fresh bout of losses Friday after the SEC dashed hopes that a Bitcoin exchange-traded fund would appear before the end of this year.<\/p>\n

Bitcoin, the largest cryptocurrency, slumped as much as 7.8%, taking it down past $3,400 to the lowest level since September 2017, according to consolidated pricing compiled by Bloomberg.<\/p>\n

The wider Bloomberg Galaxy Crypto Index sank 10% as rival tokens including Ether, Litecoin and XRP also retreated.<\/p>\n

The Securities and Exchange Commission plans to decide by Feb. 27 whether to approve a proposed ETF from financial-technology company SolidX Partners Inc and asset manager Van Eck Associates Corp, the agency said Dec. 6.<\/p>\n

The proposal was set to get a decision from the SEC in December after previous delays and the new timeline is a fresh blow to an industry that\u2019s seen prices fall throughout 2018.<\/p>\n

A key impediment has been a lack of mainstream institutional adoption, alongside continuing security and regulatory concerns.<\/p>\n

\u201cSentiment in the market is really bad, any negative news has an exponential effect,\u201d said Timothy Tam, co-founder and CEO of CoinFi, a cryptocurrency research firm.<\/p>\n

With the latest rout, Bitcoin has now plummeted more than 80% from its all-time high a year ago and is trading about 50% below its 200-day moving average, the most since January 2015, according to Bloomberg calculations. Cryptocurrencies have erased almost $730 billion in value from an all-time high in January, according to data from CoinMarketCap.com.<\/p>\n

\"\"<\/a><\/p>\n

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Read: Reserve Bank and Treasury want to regulate airtime and bitcoin transfers<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrencies continued their slide with a fresh bout of losses Friday after the SEC dashed hopes that a Bitcoin exchange-traded fund would appear before the end of this year.<\/p>\n","protected":false},"author":59,"featured_media":289834,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[5537,26],"class_list":["post-289830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-bitcoin","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/289830","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=289830"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/289830\/revisions"}],"predecessor-version":[{"id":289842,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/289830\/revisions\/289842"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/289834"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=289830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=289830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=289830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}