3 months ago
Cryptocurrency News

Crypto Prices Continue to Slump Towards Record Lows

Investing.com - Cryptocurrencies continued to reach fresh lows on Tuesday, with Bitcoin still not far from a 14-month low. Bitcoin

Investing.com - Cryptocurrencies continued to reach fresh lows on Tuesday, with Bitcoin still not far from a 14-month low.

Bitcoin fell 3.81% to $3,791.20 on the Investing.com Index, as of 8:50 AM ET (13:50 GMT), after falling to a 14-month low of $3,663.00 on Sunday.

Virtual coins began falling in mid-November during a hard fork in Bitcoin cash, as investors feared it could drive down demand for the coin. Other analysts cite a decline in crypto miners as the reason for the sudden selloff.

The Bitcoin hashrate, or measuring unit of how much power the coin network is consuming, declined in November, which could be the result of miners shutting down, analysts claim. Meanwhile, chipmaker Nvidia blamed a decline in mining equipment sales, causing it to miss third-quarter revenue expectations in November.

Read More: Is A Decline In Cryptocurrency Mining Driving The Ongoing Price Collapse? : Tanzeel Akhtar

Cryptocurrencies overall were slightly higher, with the total coin market capitalization at $121 billion at the time of writing, compared to $119 billion on Monday.

Ethereum,or Ether, decreased 5% to $106.95 and Litecoin was at $30.159, down 1%, while XRP slipped 3% to $0.35355.

Meanwhile, the U.S. is investigating whether the rally in digital coins last year was fueled in part by manipulation. The U.S. Securities and Exchange Commission penalized two crypto companies for not registering their initial coin offerings (ICO) as securities, which some have argued is a headwind for the industry.

In other news, Nasdaq plans to go ahead with its plan to list Bitcoin futures, despite the steep decline in prices, Bloomberg reported. The exchange operator is hoping to allow trading in early 2019. New York Stock Exchange owner Intercontinental Exchange is also planning to list its own contract futures on Jan. 24.