Cryptocurrencies haven’t been spared from the selloff in global markets this week.
And today in Asian trade, another crypto bloodbath is taking place as regional stock markets steady the ship.
A short time ago, Bitcoin had slumped below $US3,400 on Binance — one of the world’s three largest exchanges by volume:
That marks a fall of more than 10% over the last 24 hours, and takes Bitcoin prices to a new 15-month low.
All the major alt-coins have seen similar falls, with Ethereum, Ripple and Litecoin down more than 10% while Bitcoin Cash has slumped by around 20%.
As usual in the murky world of crypto exchanges, the catalysts for the latest falls are hard to pinpoint.
Among recent market developments, the US Securities & Exchange Commission extended its deadline for the approval of a Bitcoin exchange traded fund (ETF) until February 27 next year.
Ongoing US-China trade fears and concerns about global growth gave rise to a sharp bout of volatility in major stock markets this week.
And after being closed on Wednesday, the S&P500 initially plunged overnight and wiped out its 2018 gains.
But US markets staged a strong turnaround, resulting in the biggest intra-day market swing since 2010.
That’s translated into a steadier day of trade on Asian markets, ahead of all-important US jobs data tonight.
But after steadily declining throughout the week, the crypto selloff has accelerated in Asian trade.
And since it crashed back through $US4,000 in late November, Bitcoin has now fallen by almost 90% from its all-time highs reached at this point last year.