BTC/USD is falling below the October low of $6,033 and trades at the lowest level since August 14th, exactly three months ago. Volatility in cryptocurrencies has risen and digital coins are losing value quite fast.
Update: Bitcoin is falling fast and has already dropped below $5,770 and It is now trading at the lowest levels since November 2017 and pushing lower towards those seen in October.
FXStreet cryptocurrency analyst Tomas Salles notes that the move opens the door to $4,500:
$5,770 is the line in the sand for Bitcoin. It is the lowest point in 2018. A loss of this level opens the door to levels to $4,500, last seen over a year ago.
More:
- Crypto market update: bears and bloodshed, as big levels breached across the board
- Ripple Price Analisis: Volatility has come with lead in its feet, the market is sinking
- Ethereum Top Price Prediction: Crypto crash has bears eyeing $158 – Confluence Detector
Here is the move on the chart. Click on the image or here to see a live graph:
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Bitcoin is down around 7% on the day, a drop which cannot be considered extraordinary in terms of digital coins. However, volatility was quite quiet recently.
Ethereum (ETH/USD) is crashing and trading at $177 at the time of writing. Ripple (XRP/USD) is down below $0.44. Both are down between 12% and 13% and are faring worse than Bitcoin.
Why are cryptos falling? Some speculate that Christine Lagarde's call for central banks to issue their own digital currencies. The Managing Director of the International Monetary Fund is an influential politician. If government-issued cryptos are in play, they compete with the decentralized ones.
Others point to the upcoming hard fork in Bitcoin Cash. Coinbase, one of the world's largest crypto-exchanges, decided to shut down trading in BCH ahead of the fork.
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