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1.Market Observations, 8.Was Sticky

2 July 2018 (AFR) – Bitcoin bloodbath nears dot-com levels as many tokens go to zero

(2 July 2018, AFR, p19, by Adam Haigh and Eric Lam)

‘Bitcoin’s meteoric rise last year had many observers calling it one of the biggest speculative manias in history. The cryptocurrency’s 2018 crash may help cement its place in the bubble record books. Down about 70 per cent from its December high after sliding for a fourth straight day on Friday, Bitcoin is getting ever-closer to matching the Nasdaq Composite Index’s 78 per cent peak-to-trough plunge after the US dot-com bubble burst. Hundreds of other virtual coins have all but gone to zero – following the same path as Pets.com and other red-hot initial public offerings that flamed out in the early 2000s.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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