Crypto News

Bitcoin falls 10% as bad news descends like ‘cockroaches coming out of a hole’ – MarketWatch

Cryptocurrency prices fell sharply on Friday, as another bout of selling took digital currencies to fresh lows.


BTCUSD, -9.91%

 the world’s No. 1 digital currency, crashed through support at $3,500, falling more than 10% to a 15-month low at $3,230 on the Kraken exchange. A minor bounce has a single bitc,oin currently fetching $3265.00, down 9.3% since 5 p.m. Thursday.

“The price of bitcoin has crippled on the back of this and I think it is likely that the price may not only drop below the $2K mark, but with this kind of momentum behind it, the price can test the 1500 level,” said Naeem Aslam, chief market analysts at Think Markets U.K. in a research note. “Simply put, the bad news keeps coming just like cockroaches coming out of a hole.”

But Aslam said the rout has to stop somewhere, which presents a golden opportunity for crypto believers. “This is a crypto market which has the ability to blow your mind and the downside is limited and the price at its current level represents an opportunity of a lifetime,” he said.

Bitcoin has now fallen 84% from its all-time high above $19,000.

Read: Opinion: Bitcoin is close to becoming worthless

Altcoin collapse sees Ether trade below $100

Altcoins, or digital coins other than bitcoin, haven’t fared any better. Ether,

ETHUSD, -11.64%

tumbled to a 19-month low at $82.44, down 13.2%, Litecoin

LTCUSD, -18.55%

was off 16.8% at $23.25, XRP,

XRPUSD, -9.71%

was down 10% at 29 cents and Bitcoin Cash

BCHUSD, -12.60%

made another record low, trading under $100 to $97,70, down 12.7%.

Read: UnitedCorp files suit against Bitmain, Roger Ver, Kraken and others over alleged manipulation during Bitcoin Cash hard fork

The crypto-wide selloff shed a further $10 billion off the market value of all cryptocurrencies, which is at a 15-month low of $106 billion, according to data from CoinMarketCap.

Bitcoin futures are tracking spot prices lower on Friday. The Cboe Global Markets December contract

XBTZ8, -11.64%

is off 9.4% at $3,250 and the CME Group December contract

BTCZ8, -11.67%

 is down 11.4% at $3,190.

Providing critical information for the U.S. trading day. Subscribe to MarketWatch's free Need to Know newsletter. Sign up here.

Let’s block ads! (Why?)

Source link

Related posts

Can Crypto Help Solve, Rather Than Accelerate, The Challenge Of Climate Change?


Facebook Said to Be Seeking $1 Billion in Funding for Crypto Project – CoinDesk


Crypto Exchange Bittrex International to Host Its First Public ‘Initial Exchange Offering’ – Cointelegraph


Leave a Comment

14 − ten =