LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Bitcoin, Ethereum tumble as crypto bear market lingers

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Aug 14, 2018
11:30 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Bitcoin dropped to an eight-week low on Tuesday, while Ethereum, the second-largest cryptocurrency in terms of market value, sank to a more than one-year trough as they continued their bearish trend, undermined by a strong U.S. dollar and global tensions related to Turkey.

The Turkish crisis has dampened risk appetite in recent sessions, spurring a sell-off in emerging market currencies and stocks and prompting inflows to safe-haven assets such as the dollar and U.S. Treasuries.

The original virtual currency fell as low as $5,880 on Bitstamp, the lowest since late June. It was last down 3.5 percent at $6,036.74. So far in 2018, bitcoin has fallen nearly 57 percent, after soaring more than 1,300 percent last year.

Ethereum plunged nearly 9 percent to $258.45 on Bitstamp, falling to a more than one-year low of $250.54. According to crypto data tracker coinmarketcap.com, the third-largest cryptocurrency, Ripple, fell 13.4 percent to 25 U.S. cents.

"What began earlier this week as a rout in the Turkish lira has quickly spread throughout all markets and now it seems to be affecting the cryptos as well," said Israel-based Mati Greenspan, senior market analyst at eToro.

The total market capitalization for cryptocurrencies tumbled to $191.4 billion, the lowest since early November last year, coinmarketcap.com data showed.

Bitcoin has held up pretty well amid the sell-off in the cryptocurrency market, analysts said. As a percentage of market capitalization, bitcoin`s share rose to 54.5 percent, suggesting that investors were willing to hold the more widely held and well-capitalized digital currencies.

During the heady days of the cryptocurrency boom in late 2017 and January this year, bitcoin`s share fell to 32 percent.

The cryptocurrency market has been stung by several decisions by the U.S. Securities and Exchange Commision on exchange-traded funds.

Late last month, the SEC stood by its decision to block the ETF application of Tyler and Cameron Winklevoss, founders of crypto exchange Gemini Trust Co LLC.

Early this month, the SEC delayed a decision on a proposed bitcoin ETF submitted by money management firm VanEck and crypto startup SolidX.

"I believe we`re just witnessing the continuation of the cryptocurrency bear market. This is not the first or last cyclical asset to behave this way," said Clement Thibault, senior analyst at Investing.com.

"Looking ahead, I don`t think we`re at the end of the cycle just yet and I can see bitcoin and other cryptocurrencies continuing to fall before a meaningful return back up."

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Gold Price Outlook – Gold, Silver prices may see further fall next week; expert tells what to do to maximise gains

Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more

NEET 2021 exam: Check here the latest update on dates and all you need to know for registration before appearing in the test

Indian economy outlook 2021: This is why FY 2021 GDP performance will be better than projection—Finance Ministry EXPLAINS

Ethanol from sugar will lower dependency on Crude import, create jobs and improve earnings of farmers

PPF Calculator: You can double Public Provident Fund income and save income tax outgo - you will need this help

7th Pay Commission: Central Government Employees' Dearness Allowance (DA) to become 25 pct from April 2021?

7th Pay Commission Latest News: Central government employees' alert! one mistake could cost you your LTC claim—check report

Solid Fuel Ducted Ramjet successful flight test : How it gives technological edge to DRDO and boosts its long range air-to-air missiles capabilities—EXPLAINED

EPF Passbook Balance Check Online: EPFO members can do this via Umang App, SMS, missed call; choose whatever you want

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved