Bitcoin slides to a new low this year at below US$4500

Bitcoin slides to a new low this year at below US$4500

Bitcoin slides to a new low this year at below US$4500

Bitcoin tumbled below US$4,225 to a 13-month low, before regaining some ground.

The move marks bitcoin's lowest value since October past year, and is now down more than 70 per cent since the height of the cryptocurrency bubble in December 2017. However, the market's performance on Monday quickly extinguished those hopes, with Bitcoin's total market value dropping 12.6% to $86.67 billion in just a few hours. In last one week, the crypto market has lost almost $60 billion of its valuations with Bitcoin and other altcoins taking a major hit. Only Ripple and EOS provided anything approaching stability as their falls were held in single figures, although Ripple did rally a little to start showing signs of a minor recovery. Moreover, it has also cost Ethereum it's number two status in the markets, as the currency is now ranked third, falling below Ripple, which is now the second largest cryptocurrency in the markets.

"While most are blaming the Bitcoin Cash "hard fork" as a key player behind Bitcoin's weakness, technicals could have played a role", Lukman Otunuga, a research analyst at FXTM, told Business Insider.

On Friday, the US Securities and Exchange Commission took action against two cryptocurrency startups that staged initial coin offerings, or ICOs, selling cryptocurrency tokens to the public.

The crypto markets are under the "red" area.

"Like other exchanges around the world, we have seen increased trading volumes as volatility has increased, particularly in the last week", Henningsen said.

BTC.top is one such crypto mining firm that has begun mining Bitcoin Cash in support of BCHABC.

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In the meantime, EOS is coming for Bitcoin Cash with a $250 million difference in market cap between the two projects at the time of writing.

"The selloff is related to enforcement, which is nearly certainly underway", said Justin Litchfield, chief technology officer at ProChain Capital.

"To fulfill the requirements of "store of value", cryptocurrencies must be much more stable", the KPMG report said.

We followed up with the operators of a number of Australian-based crypto exchanges, to try and get a gauge on what's caused the big drop in price.

"Crypto-specific events have led to greater uncertainty in the crypto market, including the contentious hard fork for Bitcoin Cash", Lee said in the note. 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.

On November 15, Bitcoin plummeted from $6,300 to around $5,500, according to CoinMarketCap.

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