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Nov 30, 2018

Bitcoin slide makes monthly loss the biggest in seven years

What's driving the collapse in cryptocurrencies

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Bitcoin is poised to register its biggest monthly decline in more than seven years as investors reevaluate the prospects of digital money following last year’s euphoria.

The biggest cryptocurrency dropped as much as 7.6 per cent to US$3,867 on Friday, bringing its monthly loss to about 37 per cent. That’s the steepest drop since August 2011, when the token tumbled 39 per cent to US$8.20. Bitcoin surged to a record US$19,511 in December 2017.

“It’s been a horrible bear market in tokens,” Galaxy Digital Holdings Ltd. founder Michael Novogratz said Friday during a conference call recapping his company’s third-quarter results.

Other leading digital currencies extended their slide. Ether declined about 2 per cent to US$112, bringing its monthly loss to 43 per cent. XRP slumped 4.5 per cent to 36 cents, pushing its monthly loss to 21 per cent.

“Part of the sell-off is because the SEC got tough on a few fraudulent ICOs," Novogratz said. “People got very nervous.”

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