Crypto Market Bloodbath Worries Holders And Investors As New Lows Haven’t Been Seen For Over A Year – BTC Dropped About 30% In Less Than A Week
The crypto market is down again, and the current price trajectory brings new lows that haven’s been seen for over a year.
Yesterday, November 19, probably marked the worst day for the crypto markets in 2018.
Bitcoin dropped like never before, Ethereum, and Bitcoin Cash fell as well. The three coins practically fell by 14%, 14% and 43% and the rest of the major cryptos, excluding stablecoins, were not having their best days either.
Usually, BTC is the most stable asset in the crypto space, but now it fell through all of its price levels. Only the naysayers are savoring the fall, and the Bitcoin bulls couldn’t be more worried.
Bitcoin’s price continues to plunge
BTC’s price continued to fall today as well and lost another 7%. It’s now priced at $ 4,488.05 on CoinMarketCap.
The 14% fall of BTC on Monday took the coin below $5,000 for the very first time in 13 months. Now, it’s at the lowest level since last October.
If you’re looking at the current market state, it looks horrible, as everything’s trading in the red and the losses are enormous.
The Guardian notes something that Neil Wilson, the chief market analyst at Markets. Com said:
“The crypto bloodbath continues. Things look like they only get worse from here. Where is the incentive to buy? It does rather look like the bottom is coming out of this market.”
The Guardian also notes that last Friday, the US Securities and Exchange Commission took action against two crypto startups that staged ICOs, selling crypto tokens to the public.
Bitcoin, suspected of fraud
“Airfox and Paragon Coin agreed to pay civil penalties for conducting token sales last year without registering them as securities offerings. That sparked numerous warnings from central bankers and JP Morgan boss Jamie Dimon who declared in September 2017 that bitcoin was a fraud that would ultimately blow up,” The Guardian notes.
The market’s crash hit everyone as a surprise, especially considering the latest good news that Swiss authorities approved the world’s first Bitcoin ETP, created by the UK fintech firm, Amun Crypto.
More than that, Bakkt’s launch was expected to support the SEC’s approval for Bitcoin ETFs.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.