So much for all those predictions of a huge parabolic crypto-rally to ’round out the year.

Digital assets are plunging, again, with around half of the top 100 coins down by double-digits.

Bitcoin plunged as low as US$45,900 around 6.45am AEDT, its lowest level since the December 4 flash-crash.

At 11.50am BTC had recovered slightly to $47,100, down 5.5 per cent from 24 hours ago.

Ethereum was down 7.0 per cent to US$3,821 after dipping as low as $3,700 at 6.45am.

Gold bug Peter Schiff was back to taunting Bitcoiners on Twitter – which some use as a bottom signal – but others thought more carnage was still to come.

The losses come ahead of Wednesday’s US Federal Reserve meeting (early Thursday, Australia time), which could see the US central bank announce an accelerated taper of its quantitative easing policies given the inflation anxieties. That stimulus programme is credited with being a big driver of the rally in cryptocurrencies and equities over the past year and a half.

Crypto market down 6%

Overall the crypto market stood at US$2.14 trillion, down 5.99 per cent from 24 hours ago and its lowest level since early October, apart from the December 4 flash-crash.

Decred was the biggest loser in the top 100, falling 16.4 per cent to US$63. WAX, OMG Network, Waves, Fantom were all down around 13 to 12 per cent.


Blockchain-based review platform Revain was the only significant gainer in the top 100, rising 23.6 per cent to 1.15c.

There wasn’t an obvious catalyst, although last week it did upgrade its platform. Revain allows users to earn crypto rewards in exchange for activity on the site.