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21 November 2018, 12:54 | Vera Richards
Bitcoin rout continues, following biggest dive in 8 months
At the time of writing, Bitcoin (BTC) is trading down 7% at its current price of $4,780, but has recovered slightly from its intraday lows of under $4,400. It seems the trend turned bearish for almost every cryptocurrency, except for USD Coin, QASH and Dai showing minor increase.
Bitcoin opened trading at US$6,326, on a day that saw its market capitalisation fall to less than $100 billion for the first time in over a year.
"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. Post its hard fork, the BCH is on a continuous steep fall. The CEO also predicted that the as long as the uncertainty continues, bitcoin price is likely to fall further.
Mainstream investors have stayed clear of bitcoin, with concerns over scant regulatory oversight and undeveloped market infrastructure compounded by frequent swings in price. Investors seeking to trade Bitcoin Cash ABC [IOU] should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Changelly, GDAX or Coinbase. Cryptocurrency advocates say bitcoin is still young and price volatility is to be expected.
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With the crypto market taking yet another dive on Monday, November 19, and most cryptocurrencies hitting new lows for the year, XRP has been one of the best performers over the last few days. While the markets crashed, most stablecoins have witnessed a surge in their volume - as people are converting their cryptocurrency holdings into stablecoins to ensure their Dollars holdings remain the same.
Some of the losses since Wednesday have also been linked to a warning from the accounting group KPMG last week about the dangers of viewing bitcoin as a real currency. Moreover, several BTC mining pools have recently shifted their resources to protect Bitcoin Cash ABC network.
Traders had been hoping to get a big boost with the approval by the US Securities and Exchange Commission (SEC) of a bitcoin exchange-traded fund (ETF). The SEC ruling last week - that two ICOs were securities - will affect Ripple as many think that XRP should already be classified as a security. The cryptocurrency has fallen by over 30% since final Thanksgiving.
"The sell-off is related to enforcement, which is nearly certainly underway", said Justin Litchfield, chief technology officer at ProChain Capital.
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"There's a small chance that, it's hard to estimate, that something really bad could happen related to Bitcoin Cash that could then impact the entire crypto market". Now looking at the weekly chart, the next support is now placed at $4,600 level and then at $3,000 level.
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