Bitcoin and other cryptocurrencies are plunging again

  • Global asset markets have steadied after a volatile week, ahead of all-important US jobs data on Friday.
  • But there’s been another crypto selloff in the Asian session, with Bitcoin now trading at a new 15-month low.

Cryptocurrencies haven’t been spared from the selloff in global markets this week.

And today in Asian trade, another crypto bloodbath is taking place as regional stock markets steady the ship.

A short time ago, Bitcoin had slumped below $US3,400 on Binance — one of the world’s three largest exchanges by volume:

Bitcoin weekly chart
Markets Insider

That marks a fall of more than 10% over the last 24 hours, and takes Bitcoin prices to a new 15-month low.

All the major alt-coins have seen similar falls, with Ethereum, Ripple and Litecoin down more than 10% while Bitcoin Cash has slumped by around 20%.

As usual in the murky world of crypto exchanges, the catalysts for the latest falls are hard to pinpoint.

Among recent market developments, the US Securities & Exchange Commission extended its deadline for the approval of a Bitcoin exchange traded fund (ETF) until February 27 next year.

Ongoing US-China trade fears and concerns about global growth gave rise to a sharp bout of volatility in major stock markets this week.

And after being closed on Wednesday, the S&P500 initially plunged overnight and wiped out its 2018 gains.

But US markets staged a strong turnaround, resulting in the biggest intra-day market swing since 2010.

That’s translated into a steadier day of trade on Asian markets, ahead of all-important US jobs data tonight.

But after steadily declining throughout the week, the crypto selloff has accelerated in Asian trade.

And since it crashed back through $US4,000 in late November, Bitcoin has now fallen by almost 90% from its all-time highs reached at this point last year.

Get the latest Bitcoin price here.>>

Read the original article on Business Insider Australia. Copyright 2018.

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