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The great cryptocurrency crash of 2018 had its worst week yet.
Bitcoin sank below $4,000 Saturday after it and most of its peers tumbled on Friday, extending the Bloomberg Galaxy Crypto Index's decline since Nov. 16 to 25 percent.
That's the worst weekly slump since crypto-mania peaked in early January.
After an epic rally last year that exceeded many of history's most notorious bubbles, cryptocurrencies have become mired in a nearly $700 billion rout that shows few signs of abating. Many of the concerns that sparked the 2018 retreat -- including increased regulatory scrutiny, community infighting and exchange snafus -- have only intensified this week.
Even after losses exceeding 70 percent for most virtual currencies, Oanda Corp.'s Stephen Innes has yet to see strong evidence of a capitulation that would signal a market bottom.
Hope springs eternal.
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Speaking of Crashing
This story from the WSJ: AT&T bungled streaming of Woods vs Mickelson golf match.
AT&T intended to use the pay-per-view golf match as a showcase of its media capabilities after its acquisition of Time Warner. The online transmission fell victim to technical glitches and could end up being a money loser for the company.
Problems with AT&T’s B/R Live streaming video service Friday prompted the company, shortly before the match began, to make the webcast event free to viewers on the platform.This demonstrates how tricky one-time-event streaming can be.
Apple ran into that problem many years ago when streaming their huge semi-annual software/hardware events. Each time the streaming improved and the last couple of times, their events seemed to stream seamlessly.
Regardless, it is a bit embarrassing that ATT messed up on this one. On the other hand, what amazes me is that folks actually paid to watch two over-the-hill golfers scam the golfing community for $9 million. Even Charles Barkley -- a huge fan of Tiger's -- agreed.
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