Investing.com – Cryptocurrencies declined sharply on Monday, with the total market capitalization tumbling $7.5 billion, as the largest digital asset dropped to a six-week low.

Cryptocurrencies overall moved sharply lower, with the total coin market capitalization at $112.64 billion at the time of writing, compared to $120.15 billion on Friday.

Bitcoin slumped 4.04% to $3,428.7 on the Investing.com Index as of 11:38 AM ET (16:38 GMT), after marking an intraday trough at $3,395.7, its lowest level since Dec. 15.

XRP sank 7.7% to $0.28594, Ethereum, or Ether, tumbled 10.94% to $103.03, while Litecoin dove 7.29% to 30.252.

Cryptocurrencies have been under pressure after JP Morgan analysts said last week that bitcoin, the largest alt coin by market cap, may fall as low as $1,260 or even lower, due to its failure to prove their worth and break into the financial mainstream.

Pension funds and asset managers have largely stayed clear, despite some advances in market infrastructure that have seen safer methods to store digital money emerge, with most worried about volatility, security flaws and propensity for illicit usage.

The usage of cryptocurrencies for payments – the intended purpose of bitcoin – will remain “challenged,” JPMorgan stated, adding that it was unable to pinpoint any major retailers that accepted digital coins in 2018.

Bitcoin is likely to have cost support at around $2,400, but could fall below $1,260 if a bear market persists, JPMorgan warned.

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