Bitcoin - Bears Hit sub-$5,000 Levels in Crypto Meltdown

21 November, 2018, 00:50 | Author: Darnell Patrick
  • Bitcoin rout continues, following biggest dive in 8 months

When the fork happened on November 15 and the hash war started between BCHSV and BCHABC, Bitcoin took a heavy hit too.

Bitcoin was trading on Tuesday at $4,354.20, its lowest level on the Bitstamp exchange since October, 2017.

Other cryptocurrencies were also down including Ethereum and Ripple.

Based on the current pace that Bitcoin had acquired over the last few weeks, the final report for December is not looking flattering as the reports are indicating that Bitcoin won't be able to break the resistance of 6,000$, ending 2018 at the new low of 5,300$. Meanwhile, Ethereum is down 87pc from its all-time high, according to cryptocurrency news site CCN.

Another "flippening" has occured in the top 5 of the cryptocurrency market on Tuesday.

Others blamed fears that last week's "hard fork" in bitcoin cash, where a software upgrade split the fourth-biggest coin into two separate currencies, could destabilise others.


The still-nascent sector is not completely transparent and analysts have struggled to understand what precisely prompted the latest drop.

For example, digital assets such as Monero (XMR), Tron (TRX), Dash, Iota and Binance Coin (BNB) have recorded an average daily drop of around 16pc. While most other cryptocurrencies have gone on to form new lows with today's latest drop, the value of XRP has held better than most altcoins, now trading around $0.50.

Bitcoin Atom (BCA) traded up 2.6% against the dollar and now trades at $0.23 or 0.00004060 BTC. "A lot of people have lost interest", said Fawad Razaqzada, an analyst at Forex.com. However, Bitcoin still accounts for about 53% of the total cryptocurrency market capitalization. But while many of its rivals experienced sharp drops, Ethereum saw its price tumbling down in a much more gradual manner.

Market Update: Amid all the shackles of bitcoin plunge, the market has witnessed a lining of good news that the world's first crypto exchange traded fund (ETF) has been granted to Amun AG, FxStreet reported and the ETF will trade on SIX Swiss Exchange from next week onward.

Nearly two weeks ago, the average market value of crypto assets was valued at $220 billion, and the Bitcoin community made a decision to upgrade Bitcoin's code, commonly known as "Hard Fork".

XRP, on the other hand, is showing very high stability in comparison to other cryptocurrencies. Monday's plunge extends a frightful week for the world’s number one cryptocurrency which has seen it drop to a low not seen since late 2017, just prior to the burst in prices that saw Bitcoin come close to US$20,000 per coin before collapsing rapidly.

Recommended:



Popular

God of War plummets to £21 for Black Friday
The retailer has stacked an Xbox One X bundled with the latest November released Battlefield V at just United States dollars 430. While the Xbox One is a bit behind the PlayStation 4 in sales, it's still one of the best home-theater devices on the market.

White House again threatens CNN reporter Jim Acosta's press credentials
They are seeking a hearing "for the week of November 26, 2018, or as soon thereafter as possible", according to the court filing. The White House reminded the reporter that he would be stripped of his pass again when the injunction expires.

Ruling expected in CNN White House credentials case
He told reporters that he had written answers to questions from the special counsel. He noted he had not determined that the First Amendment was violated.

Deepika Padukone-Ranveer Singh wedding: Bollywood’s power couple looks striking in Sabyasachi
Taking up to Twitter, where one of the condom brands wrote, "Congrats Deepika and Ranveer for officially putting a ring on it". Bollywood's most favourite couple has finally united and looks like they have never been this happier before.

Philippines President Rodrigo Duterte defends skipping meetings for 'power naps' during summit
China and Asean already have a non-binding "declaration" for the waterway but are working towards a more robust agreement. Duterte said other countries should now accept the fact that China's presence loomed large in the disputed waters.

Storm packing snow, sleet, freezing rain to hit Philly area Thursday morning
It could continue as snow in Providence Thursday night before changing back to rain overnight, the weather service says. There's a chance of light snow Saturday night and Sunday morning.

Gerard Butler Shares Photo Of His Burned-Out Home After Malibu Wildfire
Thousands of people have been evacuated from a wildfire in Butte County, California , which is north of Sacramento. The search also went on for the missing. 'You did it! You did it!' she says to her dad.

Early concessions haunt Man United again as Matic, Herrera struggle
Ilkay Gundogan finished it off, but the move had taken 42 passes to construct, using every area of the pitch. The match comes four days after United's impressive comeback win against Juventus at the Allainaz Stadium.

76ers Acquire Jimmy Butler From Wolves For Robert Covington, Dario Saric
Butler told the Timberwolves in September he wanted to be traded, and it took weeks for the team to find a deal it would accept. Philadelphia's Jerryd Bayless , Justin Patton and a 2020 second-round draft pick will also be sent to Minnesota.

Bound flight crash lands at airport in Guyana
The relevant overseas authorities have been informed and an investigation is underway. Bedessee said the incident had left him "very shaken and very, I don't know, nervous".