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Bitcoin Falls To Previously Established 2018 Lows

By Covesting ResearchCryptocurrencyDec 07, 2018 10:08AM ET
www.investing.com/analysis/bitcoin-falls-to-previously-established-2018-lows-200366080
Bitcoin Falls To Previously Established 2018 Lows
By Covesting Research   |  Dec 07, 2018 10:08AM ET
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After multiple days of instability, Bitcoin established a fresh downwards leg, and is currently sitting just below its recently established 2018 low of $3,600. Today’s drop led the entire cryptocurrency markets to dip, with many altcoins falling 10% or more.
At the time of writing, Bitcoin (BTC) is trading down 5% at its current price of $3,580, which is marginally lower than its 2018 low of $3,600 that was first established late last month. Bitcoin appears to have respected the $3,600 region as a level of support, but its inability to decisively bounce at this level may signal that this price is not a long-term bottom and will be broken if selling pressure increases.

Altcoins Plunge, Led By Bitcoin Cash

Bitcoin’s poor performance has led to a widespread sell off that has sent most altcoins down over 10%.

Currently, Bitcoin Cash (BCH) is the worst performing major crypto and is trading down nearly 18% at its current price of $108. BCH is currently sitting at its lowest level of all time and is showing no signs of stopping its downwards spiral.

BCH’s plunge first began in the days preceding its hard fork event on November 15th, which divided the community and created what can be classified as a civil war between BCH proponents and proponents of the BCH hard fork – Bitcoin SV.

Bitcoin SV (BSV) has been climbing the rankings and is currently ranked as number six by market capitalization, trailing BCH by just under $30 million. At the time of writing, BSV is trading up nearly 22% at its current price of $107.
EOS has continued to drop and is trading down 16% at its current price of $1.87 at the time of writing.

XRP is currently one of today’s better performing altcoins and is trading down just under 8% at $0.32. Although 8% is certainly no minor drop, it is small considering that the majority of altcoins are trading down over 10% today.
Despite there being no end in sight to the current market carnage, one industry expert believes that cryptocurrencies will increasingly become a “safe haven” asset as the traditional equities markets face increased turbulence due to a potential trade war between the US and China, and increasing concerns surrounding interest rate hikes from the US Federal Reserve.

“There’s a growing list of investment tailwinds to consider for 2019. These include significant trade tensions, rising interest rates, political uncertainties, including Brexit, and complacent financial markets. Against this backdrop, we can expect cryptocurrencies will increasingly be seen as investors’ ‘safe havens’ in 2019 and beyond,” said Ian McLeod of Thomas Crown Art, a blockchain-based company that uses smart contracts for artwork.

Bitcoin Falls To Previously Established 2018 Lows
 

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Bitcoin Falls To Previously Established 2018 Lows

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