Breaking: Bitcoin tumbles below $4,000 amid a fresh sell-off, Ripple, Ethereum and other top cryptos follow

Yohay Elam FXStreet

Bitcoin is trading well below $4,000 as the sell-off resumes and accelerates. Moreover, the granddaddy of cryptocurrencies dips below the $3,950 which is cited as a significant level of support.

BTC/USD suffered a tumultuous two weeks, losing $6,000 on November 14th, smashing $5,000 on November 19th, and sliding below $4,000 on November 24th. After the most recent slide, Bitcoin staged a recovery, topping $4,400 on Thursday. Nevertheless, a fresh sell-off of digital currencies dominates the last day of the month.

Support awaits somewhere around $3,820 and further support is at $3,610. The 2018 low of $3,456 is still far off.

Various reasons have been cited as the cause of the crash. The hard fork in Bitcoin Cash (BCH), increased scrutiny by US authorities over Initial Coin Offerings (ICO's) and the long delays in approving a Bitcoin exchange Traded Fund (ETF) are all part of the mix, alongside other explanations.

Other digital coins are in the red as well with Ethereum struggling around $111 and Ripple trading at the $0.35 handle.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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