Cryptocurrency 'bloodbath' as Bitcoin falls 30% in a week

BitPay-Shuts-Down-Bitcoin-SV-Plans-to-Continue-with-Bitcoin-ABC-After-BCH-Fork

Just when everyone thought that Bitcoin's lowest for the year was reached because of the Bitcoin Cash hard fork, Bitcoin hit a low of $4,951.47 on Monday.

On Monday, Bitcoin's U.S. Dollar value plunged below the $5,000 mark for the first time in 13 months, falling to $4,754. Cryptocurrency markets are at $146 Billion from the previous market at $210 billion.

The US authorities investigate the nature of last year's Bitcoin rally. Meanwhile, Ethereum is down 87pc from its all-time high, according to cryptocurrency news site CCN.

Nobody knows why the cryptocurrency market has turned into such a bloodbath-just as no one really knew why cryptocurrencies enjoyed such a spectacular rise a year ago. 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. One Bitcoin Cash ABC [IOU] coin can now be bought for about $287.14 or 0.05108601 BTC on exchanges.

EOS/USD: Nothing different, the EOS, also suffered as investors await to find direction in the digital currency market amid a slew of slaughtering news that groped the crypto market since last week, leading to panic sell-off towards the end of the year, compared to last year, when bitcoin and its peers were flying high.

For example, digital assets such as Monero (XMR), Tron (TRX), Dash, Iota and Binance Coin (BNB) have recorded an average daily drop of around 16pc.

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XRP has been a market outlier over the past few days and has been relatively stable during these turbulent market conditions. Digital assets have now lost nearly $700 billion of market value since crypto-mania peaked in January, according to CoinMarketCap.com. If, on the other hand, you've been waiting for popular cryptos including Bitcoin, Ethereum, Ripple, EOS, Stellar, and others, to drop as low as possible before getting in, now seems like the time to do it. The price of Bitcoin has taken a severe beating, as it is now trading at $4,594. Crypto traders and investors are most likely waiting for the market to bottom up in what is called a capitulation, a situation during which market players surrender and forfeit demand.

Neil Wilson, chief market analyst at markets.com, said there was growing evidence of a potential link to the wider tech sector's woes as the so-called FAANG stocks come under renewed pressure.

Ethereum, for example, is more than 12% lower at $US156 per coin, while litecoin is down a similar margin, trading at $US5.10 per coin, a loss of 12%.

Despite the current market onslaught, one has to keep in mind every Bitcoin being sold is also bought by someone else.

Bitcoin Cash is both a rival cryptocurrency to bitcoin and a fork or split-off of cryptocurrency that launched in August 2017.

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