Crypto's Worst Week Since Bubble Burst Puts Loss at $700 Billion

Bloomberg index tracking major coins has plunged 24% this week
One trader sees possibility of Bitcoin slumping to $2,500

Chris Burniske, Placeholder Management partner, discusses the November downturn for crypto assets.(Source: Bloomberg)

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By Eric Lam (News)

November 23, 2018 at 3:52 AM UTC

Updated on

November 23, 2018 at 4:03 PM UTC

This article is for subscribers only.

The great cryptocurrency crash of 2018 is heading for its worst week yet.

Bitcoin slipped closer to $4,000 and most of its peers tumbled on Friday, extending the Bloomberg Galaxy Crypto Index’s decline since Nov. 16 to 24 percent. That’s the worst weekly slump since crypto-mania peaked in early January.