Bitcoin Sinks Below $6,000 as Almost Everything Crypto Tumbles (bloomberg.com)

Several readers have shared a report: Bitcoin touched below $6,000 and dozens of smaller digital tokens including Ether retreated as this month's sell-off in cryptocurrencies showed few signs of letting up. The largest digital currency fell as much as 6.2 percent to $5,887, the lowest level since June, before paring some of the drop, according to Bloomberg composite pricing. Ether sank as much as 13 percent, while all but one of the 100 biggest cryptocurrencies tracked by Coinmarketcap.com recorded declines over the past 24 hours. The total market capitalization of virtual currencies dropped to $193 billion. Thatâ(TM)s down from a peak of about $835 billion in January.

Comments

Re: Rebound due?

[DarkOx]

The important thing is the entire point of bitcoin was it was supposed to be free of middle men. Lighting is a middle man. Basically bitcoin does not work as designed. There is nothing stopping some big banks from essentially taking over lighting and making settlement feeds just about equivalent to CC rates now. Basically anyone betting on BitCoin being a primary currency or exchange mechanism of the future is a nuts.

Which is not say some blockchain based solution won't emerge just that it won't be bitcoin.