Cryptos: Bitcoin carnage resumes with another 10% skid

The crypto selloff deepened over the weekend as major digital currencies crashed to fresh lows.

Bitcoin
BTCUSD, -10.11%
the world’s largest digital currency, dipped below $3,500 on Saturday for the first time since September 2017, losing as much as 15% on the day and extending its monthly loss to nearly 40%.

After a brief reprieve on Sunday, the selloff has resumed on Monday with a single bitcoin
BTCUSD, -10.11%
 falling another 10%, heading back toward its Saturday low. It was trading at $3,639.90, down 10.1% since Sunday at 5 p.m. Eastern time on the Kraken crypto exchange.

Read: Bitcoin breaks below $4,000 as selloff deepens

Once worth close to $20,000, bitcoin, amid its selloff, has industry players asking just how much one of the digital coins is actually worth.

“There is nothing normal nor positive about this type of price movement so beware of false prophets selling soothsayer story lines and never get anchored to a price. Just because BTC is trading below $5,000, $4,000 or $3,000 for that matter, doesn’t mean bitcoin is undervalued even more so when BTC offers up no intrinsic store of value,” wrote Stephen Innes, head of Asia Pacific trading at Oanda.

However, Barry Silbert, an early bitcoin adopter and the founder of Digital Currency Group, has no doubt what some digital currencies are worth. Silbert said he used the weekend capitulation to add to his portfolio.

Read: Barry Silbert says bitcoin put in its 2018 low, but 99% of cryptos are worthless

Altcoins — the group of more than 2,000 coins other than bitcoin — moved lower in step with bitcoin on Monday. Ether
ETHUSD, -10.02%
was down 6.9% at $107.91, Litecoin
LTCUSD, -8.83%
was lower by 5.7% at $29.60, XRP
XRPUSD, -7.77%
had lost 6.2% to 35 cents, and Bitcoin Cash
BCHUSD, -7.62%
was down 3.2% at $176.40.

Read: Bitcoin is on track to do something it hasn’t done in 4 years

In futures trading, both contracts opened the week well off Friday’s closing levels. The Cboe Global Markets December contract
XBTZ8, -13.13%
was down 11% at $3,730 and the CME Group November contract
BTCX8, -13.01%
was off by 10.5% at $3,750. A move below $3,350 in the CME contract would trigger a hard limit where the it cannot trade any lower for the remainder of the session.

Read: Bitcoin is imploding — here’s where bitcoin bulls and bears see it headed from here

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