No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,500

Bitcoin rout continues, following biggest dive in 8 months

The crypto market's value fell by 15% in an hour

The slump in bitcoin's market performance marks the lowest BTC price since October 18, 2017.

The general crypto market purge which started last Wednesday has seen more than $70 billion leave the space in less than a week.

XRP, the cryptocurrency behind payments company Ripple, has overtaken Ethereum to become the second-most valuable cryptocurrency.

It has lost about 75 percent of its value since peaking in December a year ago.

The still-nascent sector is not completely transparent and analysts have struggled to understand what precisely prompted the latest drop. And on Tuesday, Bloomberg reported that the U.S. Justice Department is investigating whether last year's epic rally was fueled in part by manipulation, with traders driving up Bitcoin with Tether - a popular but controversial digital token.

Numerous bitcoin's closest peers also slid on Thursday, while bitcoin cash, which was set to split into two coins yesterday, sank another 10 per cent.

The cryptocurrency industry has now lost more than $660bn in value from a January peak, according to data from CoinMarketCap.com.

For example, digital assets such as Monero (XMR), Tron (TRX), Dash, Iota and Binance Coin (BNB) have recorded an average daily drop of around 16pc. Bitcoin Cash ABC [IOU] has a total market capitalization of $0.00 and approximately $58.53 million worth of Bitcoin Cash ABC [IOU] was traded on exchanges in the last 24 hours.

Despite the not so enthusiastic predictions for the top currency in the market, there are many holders that believe that Bitcoin is able to go even towards the value of 10,000$ in the next 6 weeks.

Why has bitcoin prices fallen? Here, a visual representation of the digital cryptocurrency bitcoin is seen alongside US dollars in London, Dec. 7, 2017.

Another clear driver is the ongoing Bitcoin Cash civil war - mining devices configured for Bitcoin Cash also serve Bitcoin, and as the former is attracting a much greater amount of network power than is usual, Bitcoin is suffering.

The move marks bitcoin's lowest value since October a year ago, and is now down more than 70 per cent since the height of the cryptocurrency bubble in December 2017.

The worries for the cryptocurrency investors grow further as crypto markets entered a DEEP RED correction on Monday, Nov. 19.

The weekly chart continues to favor a drop to the long-term rising trendline support of $4,100.

"While most are blaming the Bitcoin Cash "hard fork" as a key player behind Bitcoin's weakness, technicals could have played a role", Lukman Otunuga, a research analyst at FXTM, told Business Insider.

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