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Crypto Market FREEFALL: BTC Plunges Below US$6,000

Dave Jackson Dave Jackson, Stockhouse
1 Comment| November 14, 2018

Bitcoin's (BTC) recent period of relative stability has ended…with a resounding thud.

At press time, the world's largest cryptocurrency had fallen its lowest level of the year, plummeting by more than 13% in 24-hours to a low of US$5,754, according to Einstein Exchange. Bitcoin had been trading comfortably around the US$6,400 range for the majority of the fall season, a stark contrast from its volatile trading year.

Other cryptocurrencies fared even worse. Ethereum (ETH) fell as much as 15% while XRP (the native currency of the Ripple network and the third largest cryptocurrency by market capitalization) dropped 16%.

Cryptocurrencies have since waved ‘bye-bye’ to a combined US$25 billion in value over the past 24 hours, as markets approached new lows for the year. The selloff intensified through the late morning session, eventually driving the crypto market cap to a season low of US$187 billion.

The total market cap is now down more than 70% since the start of 2018.


The rout is likely being spurred on by uncertainty around Bitcoin Cash (BCH) in anticipation of its controversial hard fork scheduled for tomorrow.

The cryptocurrency was down 18%, virtually erasing all its previous gains. The two digital currencies will split into ‘Bitcoin ABC’ (or Core Bitcoin Cash) and ‘Bitcoin SV’ (short for Satoshi's Vision).

BCH rose from lows of US$415 in late October to highs of US$635 in early-November, before plunging to its current price. The high-selling volume preceding the hard fork event likely signals that investors are uninterested in the crypto units resulting from tomorrow’s hard fork event.

Bitcoin Cash itself is a result of a fork from Bitcoin, after a disagreement on the best way to scale a digital currency.


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