Bitcoin Crushed, Crypto-Currency Market Loses $200 Billion
Bitcoin Talking Points
- Bitcoin price crumbles with no support levels seen as yet.
- The value of the crypto-currency market fell to $450 billion from $650 billion less than a week ago.
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A sea of red in the crypto-currency market with all coins losing at least 25% of their value, with some tokens showing even larger losses. Bitcoin (BTC) lost 25%, Ethereum (ETH) fell by 33% while Bitcoin Cash (BCH) slumped by over 40% as sellers ran riot while buyers disappeared. Some exchanges also had difficulty with the violent moves and became unusable, adding further fuel to the move.
More worryingly there was no single catalyst identifiable for the sell-off which caused the market value to drop in excess of $200 billion to $450 billion, although to keep things in context, the crypto-market was valued at around $19 billion at the start of the year.
Top 10 Crypto-Currency Prices and Market Valuations – December 22.
We discussed BTC’s price at one of our Bitcoin webinar’s two weeks ago and the majority view of participants had BTC hitting $15,000 by December 24 with the outliers at $10,000 and $20,000. And it looks as if both of these outliers have or will be very close to being hit. If you would like to join us every Wednesday at 12:00pm for updated news and views, please click here.
Bitcoin (BTC) Price Chart One Hour Timeframe (December 11, 2017)
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--- Written by Nick Cawley, Analyst.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.