Bitcoin Drops Below $6,000, An 8-Month Low

An anonymous reader quotes Reuters:
Bitcoin’s value slid to its lowest level since November on Friday, as waning investor interest and recent negative headlines from global regulators weakened demand for the cryptocurrency and most of its rivals. Virtual currencies, including the best-known and biggest, bitcoin, have been stuck in a downward trend for most of 2018 after last year’s frenzied interest fizzled. Recent hacks and the “cyber intrusion” of cryptocurrency exchanges in key Asian markets has also encouraged investors to exit.

Bitcoin fell to as low as $5,774 on the Bitstamp exchange, the lowest since November 12… So far in 2018, bitcoin has tumbled almost 60 percent after soaring more than 1,300 percent last year. It is now down 70 percent from its December peak… The total market capitalization of cryptocurrencies has fallen to around $230 billion from a peak of around $800 billion in January.

Will Hobbs, Head of Investment Strategy at Barclays Smart Investor, now tells Reuters that “None of the crypto currencies currently fulfill any of the criteria that we would look for in an investible asset, and we would continue to advise extreme caution. The rout in crypto currencies is still not finished.”

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