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CryptoWatch: Bitcoin’s plunge means one thing: calls for rallies to $25,000 by year-end are fading—fast

Bitcoin prices have carved out a fresh near-term nadir, extending a downtrend that has taken hold of the world’s No. 1 virtual currency since a recent peak in May peak and raising doubts about bullish forecast for the virtual currency.

A single bitcoin BTCUSD, +0.96% on the Kraken exchange was trading at $5,883.36 on Friday. That represents a roughly 60% tumble in bitcoin in the first half of 2018 and a 70% plunge from its peak near $20,000 late in 2017. By comparison, the Dow Jones Industrial Average DJIA, +0.23% is down 1.2% so far in 2018, while the S&P 500 index SPX, +0.08% is set for a gain of 2.3%.

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