The great cryptocurrency crash of this year is heading for its worst week yet.
Bitcoin yesterday sank toward US$4,000 and most of its peers tumbled, extending the Bloomberg Galaxy Crypto Index’s decline since Friday last week to 23 percent.
That is the worst weekly slump since crypto mania peaked in early January.
Even after losses exceeded 70 percent for most virtual currencies, Oanda Corp’s Stephen Innes has yet to see strong evidence of a capitulation that would signal a market bottom.
“There’s still a lot of people in this game,” Innes, head of trading for the Asia-Pacific region at Oanda, said by telephone from Singapore.
If bitcoin “collapses, if we start to see a run down toward US$3,000, this thing is going to be a monster. People will be running for the exits,” he said.
Innes said his base-case forecast is for bitcoin to trade between US$3,500 and US$6,500 in the short term, with the potential to fall to US$2,500 by January.
The market value of all cryptocurrencies tracked by CoinMarketCap.com sank to US$138 billion, down from about US$835 billion at the market peak in January.
The rout’s biggest casualties: individual investors who piled in just as prices peaked, and companies like Nvidia Corp that supplied the crypto ecosystem.
The California-based chipmaker has lost nearly half its value since the start of last month as demand for its cryptocurrency mining chips collapsed and results in its gaming division disappointed.
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