Crypto Selloff Takes Bitcoin Below $5,000

20 November, 2018, 19:05 | Author: Sally Reid
  • Markets Update All Eyes on Bitcoin Cash Prices Before the Pending Fork

Bitcoin fell below $5,100, a low not seen since October 2017.

Kevin Davitt of Cboe Global Markets points out that twice during the last eight years, "the leading crypto has lost 94% of its value", although he notes that, "in fairness, those precipitous falls occurred when Bitcoin was trading $0.17 and $1.99, respectively".

Since last week the market has shed 23% from total capitalisation - a staggering $50 billion (£39bn) - to around $163bn (£126bn). In last one week, the crypto market has lost almost $60 billion of its valuations with Bitcoin and other altcoins taking a major hit. Many believe this is what triggered the sudden drop in the value of bitcoin and other cryptocurrencies on November 14.

Even though the cryptocurrency exchange had already credited BCH SV tokens to its clients, it has raised several "perceived risks" that include that there isn't a single wallet yet that supports replay protection, a method that prevents a single transaction from occurring on both Bitcoin Cash blockchains simultaneously.

"There's a small chance that, it's hard to estimate, that something really bad could happen related to Bitcoin Cash that could then impact the entire crypto market".

Whatever the reason or reasons behind the crash, what is certain is that Tuesday has brought the lowest day for the crypto-currency market this year. Let's also bear in mind that we know Bitcoin has the potential to hit $20,000.00 and we know that EOS has the potential to hit $20.00, so now seems to be a sensible time to buy - you have the potential to get the very most out of your money. In a blogpost announcing the support Kraken cautioned its users against SV by saying, "Bitcoin SV does NOT meet Kraken's usual listing requirements".

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Ripple (XRP) has been lagging the market but now is coming under heavy selling pressure and is registering a double-digit loss.

"The selloff is related to enforcement, which is nearly certainly underway". These projects raised more than $10 million but the SEC claim they failed to register their offerings as securities but have no agreed to compensate harmed investors, pay up the $250,000 penalties and register as securities.

The SEC's willingness to crack down on ICOs is not the only factor that could be pushing bitcoin down.

"But I'm 73 and have seen this dozens of times in many markets".

Speaking to Forbes, cryptocurrency investor and trader Altcoin Thoreau said that the crypto market correction can continue further. But many prominent crypto figures believe the digital currency will recover one way or another. Though the market conditions are not the same if we compare the last parabolic move for Bitcoin in 2013 to today's market we still have some time to go before the trend reverses. At 6.30am AEDT, the benchmark cryptocurrency was trading lower by around 11.5% at $US4990.

"Though the two are not the ideal comparison I do think it's important to note and keep in mind".

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