Bitcoin Price Crash!
October 12, 2018 7:15 am,
Bitcoin, Ethereum and other major cryptocurrencies have experienced the sudden drop in price, knocking billions of pounds off their value in the space of just a few minutes. The shocking collapse comes after a sustained period of relative stability for cryptocurrency markets, potentially triggered by a major stock market sell-off.
Other leading cryptocurrencies ETH and XRP, were dragged down with it as the rice plummet caused a ricochet effect on the whole crypto market. The world’s leading cryptocurrency had entered a period of remarkable stability as the asset hit a 17-month volatility low in September. But the steady spell seems to be over with the digital asset taking a huge price hit causing $13 billion to be lost in minutes.
The decentralised digital commodity’s price fell sharply to $6125 but it did recover briefly to $6200. So-called whales (holders of huge amounts of cryptocurrency) can also cause price fluctuations, as they buy and sell amounts so vast that they impact the whole market rate.
The BTC dipped two dollars below $6600 threshold yesterday. The fluctuations of the market are quite stagnant, but it’s lost around 7% of its value and it’s currently trading below $6300. Bitcoin is hovering over the same levels from the past one year, especially since mid-June, while the cryptocurrency was trading at $6500. However, the virtual currency has seen some hikes with its price breaking the $7000 point three times.
The recent downtrend in the last month actually has been reportedly accounted to SEC (Securities and Exchange Commission) delay in making a decision on ruling an awaited ETF. The prominent cryptocurrency was supposed to stage a remedial rally in the last 24 hours, having safeguarded the key 50-day moving average (MA) support earlier this week.
What caused BCH price to crash down?
BCH is now trading at its lowest price since September 17. The market drop comes amid wider losses sustained on the global markets in Asia, Europe and US. After an incredible period of gains in 2017 which saw the highest of the currency of almost $15160 in December last year, the token crashed early in 2018. In the wake of today’s massive sell-off, analysts have no warned the days of playing safe with cryptocurrency are over.
This fluctuations ill continue until more widespread commercial adoption occurs as well as further regulation and implementation by financial institutions. Experts forecast the assets price has the potential for a continued bearish (downwards) trend.