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Bitcoin Plunges to $3,738; Whole Crypto Scam Melts Down, Hedge Funds Stuck

Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture, Dec. 21. PHOTO: Dado Ruvic/Reuters

$714 billion have gone up in smoke

By Wolf Richter | 25 November 2018

WOLF STREET — Bitcoin plunged to $3,738 at the moment. Down nearly 40% from two weeks ago, and down 81% from peak-mania of $20,078 on December 17, 2017. It’s back where it had first been on August 12, 2017. It looks like a magnificent bubble that is imploding, but “bubble” is a misnomer; it’s a magnificent scam, where people paid a lot of money – many billions of dollars – to get an essentially useless digital entity whose price then dissolved into where it had come from.

This chart via CoinMarketCap shows the drama of bitcoin’s market cap surge to $333 billion on December 17, 2017 and the collapse to $64.9 billion now:

There are now 2,071 of these cryptos, according to CoinMarketCap, up from 1,926 when I last wrote about it on September 9, and up from 1,400 on January 17, 2018, and up from just a handful a few years ago. These cryptos are multiplying like rabbits. […]

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