Bitcoin below $5,000 as bloodbath continues



  • $1,000 more likely that $10,000, says head of trading at Oanda

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    Bitcoin prices tumbled further on Monday, reaching their lowest level since October 2017.

    Coming off a week that saw the world’s largest digital currency plummet through $6,000, bitcoin has shed another 10% on Monday, falling below $5,000 to an intraday low of $4,749.00.

    In early afternoon trading, bitcoin BTCUSD, -4.52% was hovering near its low at $4,978.10, down 10.3% since Sunday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.

    The broad-based selloff in digital assets has seen the total value of all cryptocurrencies fall to $166 billion, down more than $650 billion from its peak in January 2018.

    With bitcoin now down more than 60% year-to-date and more than 70% since its all-time high, Stephen Innes, head of Asia Pacific trading at Oanda believes further regulatory hurdles will push bitcoin below the next psychological level at $5,000, with further declines likely. “The digital token fell as much as 6.3% to $5,202, having plunged through a critical resistance level Wednesday after a period of relative tranquility,” he wrote.

    “I remain incredibly bearish on BTC with the $1,000 level looking as likely as $10,000. But this is from a longstanding and unwavering view that regulators and the banking system will continue to push back against the rise of virtual markets, and will undoubtedly burst crypto’s balloon as the $5,000 cliff edge is approaching fast,” he said.

    Bitcoin’s decline from its peak marks the fifth biggest drawdown since 2010, according to Charlie Bilello, director of research at Pension Partners.

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    Altcoin massacre continues

    Altcoins, the collective group of coins other than bitcoin, tumbled to multimonth lows on Monday. Ether, ETHUSD, -5.73% the second-largest digital currency is trading at a 16-month low of $151.50, down 13%. Litecoin LTCUSD, -6.46% was down 12.9% at $36.33, Bitcoin Cash had shed 17.5% to $271.20 and XRP, XRPUSD, -6.45% was down 2.9% at 48 cents.

    Bitcoin futures crumbled on Monday with both front contracts closing down more than 10%. The Cboe Global Markets December contract XBTZ8, -3.77% finished down 11.4% at $4,802.50 and the CME Group November contract BTCX8, -3.99% closed the session down 11.3% at $4,845.



  • How Bitcoin fell so much in value...



  • And the bloodbath continues...


 

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