Bitcoin, the largest digital currency by market cap, has fallen in price by $1,400 in 12 days, going below the $5,000 threshold for the first time since October 2017. It seems the trend turned bearish for almost every cryptocurrency, except for USD Coin, QASH and Dai showing minor increase.
Ethereum is another name in the cryptocurrency markets which has taken a severe hit - even resulting in the currency dropping to a low of $137, which is a drop of over 33% (a third of Ethereum's total market cap) compared to earlier this week when the ETH price stood in at $208.
The latest move lower started this month after a period of relative stability, with prices of bitcoin having hovered at about the US$6,500 mark for several months.
"From our perspective, talking to our institutional customers, there are a lot of vintage 2017 Bitcoin funds that are clearly underwater for the year", wrote Paul Chou, the CEO of trading platform LedgerX, which offered the first bitcoin options and swaps last year.More news: White House vows to yank CNN access again
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"The BCH hard fork is turning out to be an arms race among bitcoin miners". Ripple looks like it has been successful in somewhat reversing the losses that it had incurred during the recent bearish market.On the week, Ripple is 3.4 percent in the green, with monthly growth at 14.6 percent. Even Monero, a cryptocurrency focused on anonymity is also up by 3.5 percent at 89.04 Dollars. Bitcoin hit a low of $ 4,951.47 briefly, bringing its misfortunes to more than 21% within the past seven days and more than 62% this year, according to CoinDesk information. This could lead to similar splits, dragging the overall value of cryptocurrencies downward. Bitcoin has dropped below $4,500 to $4,392 before being supported and rising till $4,500. Whether it is Bitcoin, or any of the current generation of coins, or not, cryptocurrencies are here to stay. One Bitcoin Cash ABC [IOU] coin can now be bought for about $287.14 or 0.05108601 BTC on exchanges.
Bitcoin Cash ABC [IOU] (CURRENCY:BCHABC) traded up 16.2% against the U.S. dollar during the 1 day period ending at 21:00 PM ET on November 8th.
"The selloff is related to enforcement, which is nearly certainly underway", said Justin Litchfield, chief technology officer at ProChain Capital.
The agency recently settled with two companies, Paragon, and Carrier EQ, requiring them to pay $250,000 in penalties each, and offer investors a chance to request a refund for their tokens. Meanwhile, the near-term support is seen at $3.85 and resistance at $4.80.
Bitcoin has been in a slump for months, trading sideways for most of the time, with the rare bull run attempts being quickly killed off.