BTC/USDis falling below the October low of $6,033 and trades at the lowest level since August 14th, exactly three months ago. Volatility incryptocurrencieshas risen and digital coins are losing value quite fast.
Update:Bitcoinis 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 levelopens the door to levels to $4,500, last seen over a year ago.
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 orhere to see a livegraph:
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 thatChristine Lagardes 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 worlds largest crypto-exchanges, decided toshut down trading in BCH ahead of the fork.
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Bitcoin (BTC) topped at $9,432 on Wednesday, January 29, and retreated to $9,330 by the time of writing. The first digital asset has entered a range-bound mode and stayed mostly unchanged both on a day-to-day basis and since the beginning of Thursday.
BTC/USD is currently trading at $9,295 (-0.34% on a day-to-day basis). The coin has been moving within a short-term bearish trend amid shrinking volatility. The intraday low is registered at $9,183.
Ripples XRP is the third-largest digital asset with the current market value of $10.2 billion. The coin has lost over 2% of its value in recent 24 hours to trade at $0.2340.
EOS is bullish in a generally slow market. The crypto started to show signs of growth during the Asian session on Thursday. At the time of writing, EOS/USD is trading 5% higher on the day after opening the session at $3.96
Thecryptocurrencymarket started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps…
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