No end in sight for crypto sell-off as bitcoin breaches $4 500


Bitcoin Cash started the 24-hour trading period at a price of $376 and is now trading in at $213. It recovered somewhat later in the day, and was trading at $4,998 at 10:12 p.m, EST, as tracked by tradingview. Rather it has even toppled Bitcoin Cash and is the fourth-most-valued cryptocurrency with $4 billion market cap, at the press time.

Bitcoin Cash (BCH) itself was directly forked from Bitcoin in the month of August 2017, after disagreement over how best the crypto can be scaled, emerged.

And other cryptocurrencies have also declined.

Tone Vays, while not necessarily the people's champion when it comes to Bitcoin price predictions, saw this trend coming quite some time ago.

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.

While the trigger for the latest sell-off is unclear, it has coincided with a "hard fork" of Bitcoin Cash. One Bitcoin Cash ABC [IOU] coin can now be bought for about $289.02 or 0.05160250 BTC on major exchanges.

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Bloomberg posits that the US Justice Department's continuing probe into Bitcoin price manipulation is harming confidence that the market ever had a real basis.

On Monday, both Bitcoin futures reached their lowest levels since their launch.

The slide in cryptocurrencies accelerated, with Bitcoin piercing the $US5,000 ($6,850) mark for the first time since October 2017, amid speculation that increased regulatory scrutiny will prompt issuers of initial coin offerings to liquidate holdings. However, one thing which remains consistent is that Bitcoin continues to dominate over 50% dominance in the crypto market. This has allowed Stellar to unexpectedly break into the big league stable.

The next major support for Bitcoin is $3,500. The cryptocurrency has fallen by over 30% since final Thanksgiving. But it seems likely that one factor is the ongoing turmoil of Bitcoin Cash, the third most valuable decentralized cryptocurrency.

When considering Bitcoin's slide from just shy of $20,000 to Monday's day ending $4,920.7, that's a 75% slide from its all-time high, which was only back in mid-December of previous year. This means that there isn't a whole lot of data to look at from around $600 and upwards as it happened in a relatively quick time period. If you are going to ask eToro Analyst Mati Greenspan, he believes that the "next logical level of support is at $5,000 but if that doesn't hold, the next logical support level isn't until $3,500".