Tags: bitcoin | price | tumbling | year | cryptocurrency

Bitcoin Starts a New Year by Tumbling for First Time Since 2015

Image: Bitcoin Starts a New Year by Tumbling for First Time Since 2015
(Mikhail Primakov/Dreamstime)

Monday, 01 January 2018 04:40 PM

Bitcoin is already having a bad year.

For the first time since 2015, the cryptocurrency began a new year by tumbling, extending its slide from a record $19,511 reached on Dec. 18.

The virtual coin traded at $13,440 as of 3:55 p.m. in New York, down 6.1 percent from Friday, according to data compiled by Bloomberg. That’s also a fall from the $14,156 it hit Sunday, according to coinmarketcap.com, which tracks daily prices.

Bitcoin got off to a much stronger start last year, and then kept that momentum going, eventually creating a global frenzy for cryptocurrencies. In a sign of its phenomenal price gain in 2017, it rose 3.6 percent on the first day of 2017 to $998, data from coinmarketcap.com show. It ended the year up more than 1,300 percent.

That rally drew a growing number of competitors and last month brought bitcoin to Wall Street in the form of futures contracts. It reached the Dec. 18 peak hours after CME Group Inc. debuted its derivatives agreements, which some traders said would encourage short position-taking.

© Copyright 2018 Bloomberg News. All rights reserved.

   
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For the first time since 2015, the cryptocurrency began a new year by tumbling, extending its slide from a record $19,511 reached on Dec. 18.
bitcoin, price, tumbling, year, cryptocurrency
176
2018-40-01
Monday, 01 January 2018 04:40 PM
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