Cryptocurrencies plummet, with Bitcoin breaking below US$5000

Bitcoin rout continues, following biggest dive in 8 months

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

Crypto coins such as bitcoin remain under pressure. It seems the trend turned bearish for almost every cryptocurrency, except for USD Coin, QASH and Dai showing minor increase.

According to industry tracker, the total market capitalization of virtual currencies is now below US$150 billion, down from about US$800 billion in January.

This means Bitcoin Cash dropped one spot and is now the fifth largest project in terms of market cap. At the time of writing, BCH/USD (ABC) plunged 4.55 percent to $210.00, its lowest since its emergence out of the hard fork and BCH/USD (SV) plunged 31 percent to 39.21. Trading on futures markets, where investors can bet against Bitcoin, has soared. Investors seeking to acquire Bitcoin Cash ABC [IOU] should first buy Ethereum or Bitcoin using an exchange that deals in USA dollars such as Gemini, GDAX or Coinbase.

On a positive note for bitcoin, Switzerland approved its first cryptocurrency exchange-traded financial (ETF) product.

Analysts feel there is more depression to come in cryptocurrency prices this week, which is going to be important for the crypto community and more specifically, for bitcoin.

Most cryptocurrencies were on the red and may take many days or even weeks to return to normal. XRP, the token associated with Ripple, was the lone gainer among major digital currencies.

Bitcoin Cash ABC [IOU] (CURRENCY:BCHABC) traded up 16.2% against the USA dollar during the 1 day period ending at 21:00 PM ET on November 8th.

Market Update: The Reserve Bank of India (RBI) had earlier imposed a strict ban on cryptocurrency businesses and commercial banks were directed to part ways with all crypto-related businesses, especially those on the exchanges. Moreover, several BTC mining pools have recently shifted their resources to protect Bitcoin Cash ABC network. Ethereum (ETH) is on an absolute free fall in the last one week losing 30% of its valuation. Airfox and Paragon Coin agreed to pay civil penalties for running token sales previous year without registering them as securities offerings.

"The selloff is related to enforcement, which is nearly certainly underway". In addition, it is testing its 23.6 per cent five-year look back Fibonacci level of US$4,727 as its next support.

The most glaring exception to this general trend of increased prices is Bitcoin Cash, which as a result of its hard fork, continue to reel under bear market ramifications and is trading now at 383.3 Dollars.

The price of bitcoin began tumbling Thursday when it fell below the $6,000 mark, and its slide has continued since.

The $5,000 level was an important and major support level for the Bitcoin and now it has breached, it is likely to extend the bearish phase for some more time.

Latest News