Bitcoin crashes below the August Lows
BTC/USD has fell below $6,033 which was the lowest level in October and currently trading at the lowest level since the 14th of August, which is exactly three months ago. Volatility has risen in the crypto market and various digital currencies are losing value at an alarming speed.
Bitcoin as at the time of writing has already dropped below $5,540 and It is now trading at the lowest levels since November 2017 and pushing lower towards the lows seen in October. $5,770 is the support line for Bitcoin which has been broken, a loss of this level opens the door for a dip down to $4,500, last seen over a year ago.
BTC is down around 7% as of today, this drop cannot be categorized as extraordinary in terms of digital currencies but volatility has not been this rapid recently.
Ethereum (ETH/USD) is crashing and trading at $174 at the time of writing. Ripple (XRP/USD) is down below $0.44. Both are down between 12% and 13% and are faring worse than Bitcoin.
Experts pointed out that the fall in the crypto market could be due to the upcoming hard fork in Bitcoin Cash. Coinbase, one of the world’s largest exchanges, has shut down trading in BCH ahead of the hard-fork.
Altogether, the crypto market cap dropped by more than $19 billion over the preceding 24 hours and was valued at just $181 billion at the time of writing. The sell-off not only brought the combined value of all cryptocurrencies below $200 billion for the first time since Oct. 14 but also brought it to its lowest mark since mid-September.