Bitcoin falls below US$5,000 as cryptocurrencies are crushed again

Bitcoin has easily breached key psychological support at $5,000 and with it trading at $4,500 the move back to the September 2017 lows at or just below $3,000 looks eminently achievable. For the first time this year, Ethereum market cap has slipped below $15 billion.

The world's largest cryptocurrency by volume dropped to $5,173.23 by 8:30am, while ripple and ethereum also fell to yearly lows of $0.46 and $151.75 respectively. It's to be remembered that Bitcoin is the original chain from which Bitcoin Cash was forked out past year. Meanwhile, Ethereum is down 87pc from its all-time high, according to cryptocurrency news site CCN.

Volatility has returned to cryptocurrencies, with the largest tokens shedding billions in market value since the hard fork of Bitcoin Cash last week, after two software-development factions failed to agree on a way to upgrade the offshoot of the original Bitcoin, leading to a computing power arms race. Previous year the suspension of hard fork planned by major developers and investors proved a major catalyst to its breakneck rise.

Bitcoin cash was down around 20 percent on the day.

Every major cryptocurrency was down sharply on Monday morning, with many hitting levels not seen since 2017.

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. The virtual currency has enjoyed a period of relative stability since early September, hovering between $6,000 and $7,000.

More news: Salah scores in Liverpool win over Fulham

Bitcoin bulls may be able to take heart in some technical measures. As bitcoin plunged below $6,000 last week, it's possible that stop-loss orders were automatically going into effect and investors were "trying to play the breakout", eToro Senior Market Analyst Mati Greenspan told CNBC.

IG Sentiment Data show how retail are positioned in various cryptocurrencies and how changes in holdings can affect market sentiment.

Even though BTC touched its yearly low, many enthusiasts still believe that Bitcoin will get to see a major rebound in the upcoming weeks as December is said to act more benevolently to cryptocurrencies than the second week of November.

Bitcoin Cash ABC [IOU] can be bought or sold on the following cryptocurrency exchanges: Poloniex.

The weekly chart continues to favor a drop to the long-term rising trendline support of $4,100.

The crypto king has witnessed a downtrend since a hard fork happened in one of its peers, bitcoin cash, splitting the coin into two halves - bitcoin ABC and bitcoin SV. The CEO also predicted that the as long as the uncertainty continues, bitcoin price is likely to fall further.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Deputy national security adviser Mira Ricardel forced out of White House
According to U.S. media reports earlier this week, Mrs Trump and Mrs Ricardel quarrelled over seating arrangements on her plane. Trump has told White House officials he has begun contemplating replacements for Nielsen.

Kevin Anderson sprints past Kei Nishikori for the second win — ATP Finals
Unfortunately for Nishikori he may just find Thiem in a determined mood to put things right after a shoddy set of performances in London, and he may drop a vital set.

Deepika Padukone, Ranveer Singh wedding: The official picture is here
Padukone, 32, and Singh 33, announced in a joint statement last month that their wedding would take place on November 14 and 15. Ranveer and Deepika had an intimate destination wedding in Italy's Lake Como with only close friends and family in attendance.

The Official I'm A Celeb 2018 Line Up Is Out
Piers Morgan went in hard on Harry for signing up to the ITV reality show in a heated rant on yesterday's Good Morning Britian. Former Doctor Who star Barrowman , meanwhile, said he was looking forward to "losing his love handles".

Walker Reacts To City Beating United By Posting Poem On Twitter
Despite their late shows, the Red Devils are seven points off the top four and now sit in eighth place in the Premier League .

NFL's Cleveland Browns rule out Condoleezza Rice for head coach job
Football returned to Cleveland in 1999 and the Browns have not had a ton of success in terms of actually winning football games. No woman ever has served as head coach for a team in the four major USA sports leagues. "It could be a woman, too.

Wayne Rooney Talks ‘Embarrassing’ End To Man United Career
Negotiations between the players' representatives and West Ham over a new deal have become hard in the past few months. Napoli defender Kalidou Koulibaly is a priority signing for Jose Mourinho , according to the Sun.

TMZ: Kim Porter, model and mother of Diddy's children, dies at 47
Kim Porter , who dated Sean "Diddy" Combs for 13 years and has three children with the star , died Thursday at the age of 47. Porter and Diddy started dating in the 90s, welcoming their first child together, son Christian , in 1998.

N. California fire officials begin agonizing search for dead
As the Some people, attempting to flee the fire, were stuck in traffic and left their cars behind to run with their families. The Camp Fire has reached 30 percent containment as high winds push it toward Lake Oroville, according to Cal Fire.

Protests over Apec payments in Papua New Guinea
US President Donald Trump is not attending the APEC meeting, nor is his Russian counterpart, Vladimir Putin. On Sunday, as he left the PNG capital of Port Moresby , he listed USA differences with China.

Global oil market faces surplus throughout 2019 as demand slows: IEA
The BSE oil and gas index was among the top sectoral gainers rising 2.16% or 292 points to 13,852 level. Alternatively, Russia may propose not to increase output further, instead of a cut, the source said.

Fulham Boss Channels Inner-Steven Gerrard With Decimation Of Players
Midfielders Jordan Henderson and Naby Keita are both in line for a return to action following their respective hamstring injuries. We haven't really changed our game-plan for the big teams so far this season , so that would suggest not.

Trump bestows Medals of Freedom on Adelson, Babe Ruth, Elvis and others
Before introducing Presley's award, "How Great Thou Art", as sung by Presley, played throughout the East Room. Orrin Hatch and six others at a White House ceremony. "You didn't make the front row", Trump said.

Ryan Reynolds Shares 'Once Upon A Deadpool' Trailer On Twitter
The official trailer for a recut " Deadpool 2 " ( see below ) aimed at kids for Christmastime dropped on Monday. Fred Savage plays himself being read a bedtime story just like his character in 'The Princess Bride '.

Samsung Galaxy S10 Lite Could Feature The Infinity-O Display
Now, rumor has it that the alleged Galaxy S10 Lite could sport one of the display designs showcased at the event. Samsung has just announced the next generation of its flagship Exynos System-on-Chip (SoC), the Exynos 9820 .


More News

News
More News