Bitcoin, Ethereum, Ripple: Markets Crash to Fresh Yearly Lows
Bitcoin, Bitcoin Cash, Ethereum, Ripple: Prices, Charts and Analysis
- Cryptocurrency market hits a fresh 2018 low and market cap may fall below $100 billion.
- Bitcoin Cash (BCH) is in freefall.
Cryptocurrency Market Hammered Lower
The cryptocurrency market as a whole made a fresh low for 2018 with its market cap falling to just over $108 billion, down from $835 billion at the start of the year. Turnover picked up as the market fell - a negative sign - while a lot of the charts have no solid support lines/areas left that are clear and qualifiable.
News that the SEC had once again delayed a decision on the VanEck bitcoin ETF until the end of February 2019 sent the market spinning lower. The SEC said that it is 'appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.’ The worry for the VanEck ETF is that continued market volatility will make it harder for the SEC to allow it to issue an ETF.
Many of the top 10 cryptos are suffering double-digit losses in the last 24 hours, taking out weak support levels along the way. Bitcoin (BTC) continues to trade towards support at just under $3,000, and if this breaks the July 16, 2017 swing low at $1,780 comes into play. Ethereum (ETH) currently trades around $84 and is now looking at the May 2017 swing-low at $62, while Litecoin (LTC) trades at $25 and may fall to the May 2017 low around $18. Bitcoin Cash (BCH) has probably been the largest fallers in the past few weeks, slumping from $634 to $100 in just one month.
Investors remain net-long cryptocurrencies but recent changes give us a mixed trading bias – for example the number of traders net-short Bitcoin is up from last week.
If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple download your free Introduction to Bitcoin Trading Guide.
What’s your opinion on the latest cryptocurrency sell-off? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at email@example.com.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.