James Malcolm: top related news
25.01 / 20:21
As Bitcoin price plunges some more, faithful hit by ‘Crypto Winter' fears
There are few things scarier for investors than a bear market -- unless you’re involved in cryptocurrencies, in which case a winter is worse. The chilling term refers to a sharp slump, followed by a drop-off in trading and months of market doldrums -- a phenomenon that memorably befell the crypto market in 2018. Bitcoin price plunged by more than 80% to as low as $3,100 from the end of 2017 through December of the following year, a period characterized by the boom-and-bust of initial coin offerings and several big banks shelving their plans to start cryptocurrency trading desks. Bitcoin wouldn’t reach a new high until December 2020, according to data compiled by Bloomberg.