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Bitcoin falls 10% as bad news descends like ‘cockroaches coming out of a hole’


steven36
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Ether tumbles below $100 as altcoins log double-digit losses

 

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Cryptocurrency prices fell sharply on Friday, as another bout of selling took digital currencies to fresh lows.

 

Bitcoin, BTCUSD, -3.48%  the world’s No. 1 digital currency, crashed through support at $3,500, falling more than 10% to a 15-month low at $3,230 on the Kraken exchange. A minor bounce has a single bitc,oin currently fetching $3265.00, down 9.3% since 5 p.m. Thursday.

 

“The price of bitcoin has crippled on the back of this and I think it is likely that the price may not only drop below the $2K mark, but with this kind of momentum behind it, the price can test the 1500 level,” said Naeem Aslam, chief market analysts at Think Markets U.K. in a research note. “Simply put, the bad news keeps coming just like cockroaches coming out of a hole.”

 

But Aslam said the rout has to stop somewhere, which presents a golden opportunity for crypto believers. “This is a crypto market which has the ability to blow your mind and the downside is limited and the price at its current level represents an opportunity of a lifetime,” he said.

 

Bitcoin has now fallen 84% from its all-time high above $19,000.

 

Altcoin collapse sees Ether trade below $100

Altcoins, or digital coins other than bitcoin, haven't fared any better. Ether, ETHUSD, -10.08% tumbled to a 19-month low at $82.44, down 13.2%, Litecoin LTCUSD, -8.14% was off 16.8% at $23.25, XRP, XRPUSD, -3.94% was down 10% at 29 cents and Bitcoin Cash BCHUSD, -9.16% made another record low, trading under $100 to $97,70, down 12.7%.

 

The crypto-wide selloff shed a further $10 billion off the market value of all cryptocurrencies, which is at a 15-month low of $106 billion, according to data from CoinMarketCap.

 

Bitcoin futures traded spot prices lower on Friday. The Cboe Global Markets December contract XBTZ8, -7.74% ended down 8.5% at $3,282.50 and the CME Group December contract BTCZ8, -7.78%  finished Friday down 8.3% at $3,300.

 

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17 hours ago, steven36 said:

But Aslam said the rout has to stop somewhere, which presents a golden opportunity for crypto believers.

 

17 hours ago, steven36 said:

Altcoins, or digital coins other than bitcoin, haven't fared any better.

 

I'm definitively NOT a crypto believer! My very personal opinion is that lower limit, sadly for investors, is ZERO! The theory I share is that "criptocurrency-mania" is the greatest worldwide hoax ever implemented. It's just the gain from generating a sophisticated data-base, useless for anything else than be selled as "currency".

Edited by luisam
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