Bitcoin price plunges below $4,500 mark in new 2018 low

Bitcoin price plunges below $4,500 mark in new 2018 low

Bitcoin price plunges below $4,500 mark in new 2018 low

"Bitcoin's no longer boring" declares Bloomberg, before stating that analysts predict the price could fall as low as the $1,500 point, a further 70 percent drop in the coin's price.

Once the second largest crypto-currency in the world, with a market capitalization of more than $US130 billion, Ethereum has died a slow and painful death this year. Only Ripple and EOS provided anything approaching stability as their falls were held in single figures, although Ripple did rally a little to start showing signs of a minor recovery.

The SEC announcement, coupled with bitcoins precipitous decline, sent shockwaves through the crypto world, driving down the value of nearly every alternative coin, including Ethereum, Bitcoin Cash, Litecoin, and Ripple. This is decidedly not the case, with plenty of Bitcoin Cash miners owning their hardware and choosing to mine on BCH chains for various reasons. Bitcoin Cash is now called Bitcoin ABC and the new fork is called Bitcoin SV, meaning "Satoshi's Vision". For the first time this year, Ethereum market cap has slipped below $15 billion.

He added that another "contributing factor is the selloff in tech stocks, which could be having a spillover effect into crypto markets".

Market Update: Amid all the shackles of bitcoin plunge, the market has witnessed a lining of good news that the Amun Crypto Basket ETP will commence trading on the SIX Swiss Exchange this week, The Financial Times reported. In last one week, Bitcoin Cash lost more than 60% of its valuation. Airfox and Paragon Coin Inc. will each have to pay $250,000 in penalties to compensate investors, and will also have to register their digital tokens as securities.

The SEC's willingness to crack down on ICOs is not the only factor that could be pushing bitcoin down.

"Price tells us the trend has been bearish since crypto's parabolic move and top in 2017".

"The crypto bloodbath continues", said Neil Wilson, the chief market analyst at

Although Bitcoin Cash peacefully split off from bitcoin, with bitcoin continuing on its merry way, the problem with the Bitcoin Cash split is that it's a battle for who controls Bitcoin Cash and that continues to cause chaos in the markets.

XRP/USD: Ripple, also remained in the red zone, albeit not suffering to the extent of its wider peers, as many investors have started to shift positions from Bitcoin and Bitcoin Cash towards Ripple, on hopes of better returns.

"Though the two are not the flawless comparison I do think it's important to note and keep in mind". The Bitcoin CME futures fell to Dollars 5,015, while the Bitcoin contracts on the CBOE fell to USD 4,990.

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