Bitcoin falls below $5,000 for 1st time since 2017

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

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

According to Michael Moro, the CEO of a major over-the-counter (OTC) crypto trading firm, investors that bought Bitcoin in early 2017 are now starting to sell.

Bitcoin (BTC) fell over 11% in just 12 hours, plummeting through the $6,000 major support and hitting a one year low of $4,700, and the crypto's market cap fell below $100 billion for the first time since October 2017. Per CCN, the entire crypto market just lost $25 billion in value - the market cap sits at nearly $148 billion according to CoinMarketCap. In order to fund this costly war, the miners need to liquidate their Bitcoin to provide working capital to cover the marginal cost of the production of the two new coins.

After months of relative calm, the digital currency started to drop last week.

Even though the cryptocurrency exchange had already credited BCH SV tokens to its clients, it has raised several "perceived risks" that include that there isn't a single wallet yet that supports replay protection, a method that prevents a single transaction from occurring on both Bitcoin Cash blockchains simultaneously. Other coins like Bitcoin Gold (BTG) is down 29.52% and NEO is exploring the levels below $10.00, besides it is recording a 17.22% drop.

The worries for the cryptocurrency investors grow further as crypto markets entered a DEEP RED correction on Monday, Nov. 19.

The other side, backed by Wright, is Bitcoin Cash SV - the SV standing for "Satoshi's Vision" - that argues Bitcoin Cash should be used exclusively as a form of stable global money with a set block size at 128 megabytes.

Apple shares drop as iPhone's sluggish sales raise red flags
Apple is increasingly touting its base of 1.3 billion installed devices, rather than how many iPhones it sells each quarter. TF International Securities analyst Ming-Chi Kuo cut his forecast for iPhone XR shipments from 100 million to 70 million.

In the meantime, EOS is coming for Bitcoin Cash with a $250 million difference in market cap between the two projects at the time of writing.

Bitcoin is now treading lows close to $4,500 levels currently as other cryptocurrencies are also falling across the board so far today. During the last week, Bitcoin Cash ABC [IOU] has traded 31.8% lower against the dollar.

"A lot of people have lost interest", Forex.com analyst Fawad Razaqzada said. Based on the GTI Global Strength Indicator, Bitcoin is flashing oversold for the first time since August, and its most oversold level this year. This had led some analysts to predict that the lack of market movement was the calm before the storm, though many others had anticipated the price shift to go in the other direction.

One interesting result of the crash is that trading on Bitcoin futures has suddenly become much more popular, according to Bloomberg.

"Though the two are not the ideal comparison I do think it's important to note and keep in mind".

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.