How Low Can It Go? Bitcoin Drops to 13-Month Low

How Low Can It Go? Bitcoin Drops to 13-Month Low

How Low Can It Go? Bitcoin Drops to 13-Month Low

Bloomberg cited Travis Kling, saying that he "didn't sleep well" due to the turmoil created by the recent Bitcoin Cash Hard fork. This represents losing more than 21 percent in just the last seven days.

Bitcoin continued to crash on Tuesday morning, declining by as much as 10%, after having already fallen 14% on Monday. But back in October 2017, Bitcoin was in the middle of a massive bull run that would culminate in mid-December when one Bitcoin was priced at nearly $20,000. Because of this regulators had no other choice but to come in.

The cryptocurrency market which had been under a noticeable bearish influence for quite some time now, showed signs of recovery today, 18th November 2018.

ETH/USD: In line with Bitcoin, Ethereum also plummeted, on way to securing this year's low, following a range of pessimism that emerged in the cryptocurrency industry off late; the day's high was seen at $178.99 and low at $154.00. He added that the "pump that began a few weeks ago, got the market a bit too offsides with speculative longs playing for the good old days". Most of the top ten cryptocurrencies recorded a healthy upward trend ranging from 1 to 7 percent where most of the top 100 crypto assets by market cap stayed in the green. The reason for Ripple's single digit drop is because of the established relationship that it built with institutions. Although that fact is often overlooked when looking at the current price drop first and foremost, one has to keep in mind no BTC can be sold without someone else buying it.

What is Next for Bitcoin? The upper band and the lower band have both taken sharp turns in the opposite directions, signifying the price drop to continue for more time. Some are saying it now may struggle to find support at $4,000 or even $3,000, although what happens next is far from certain.

Now, that can be scary for a lot of investors. However, keep in mind that there is an opportunity to accumulate your Bitcoin at this point. "With all the falling prices lately, this definitely fits the definition of a buyers' market". Bitcoin Cash started the 24-hour trading period at a price of $376 and is now trading in at $213. Could this mean that you should do the same? It is usually not presently possible to buy alternative cryptocurrencies such as Bitcoin Cash ABC [IOU] directly using USA dollars.

The issuers were asked by the US Securities & Exchange Commission to provide refunds to investors, raising concern that other companies that used the proceeds from sales to finance projects could be forced to do the same.

A regulatory clampdown on cryptocurrency trading early this year and a drop in investor interest have sent people scrambling for the exit.

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