Bitcoin's slide makes monthly loss the biggest in seven years in 'horrible bear market for tokens'

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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.
Bitcoin rises after a brutal month — but don’t call it a bottom
Bitcoin’s deepening crash now approaches its worst bear
markets as it free-falls toward $3,000
This has been the worst week for cryptocurrency since the
bubble burst, with losses now at $700 billion

“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 UScents,
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.”

Source : https://vancouversun.com