Bitcoin extends rout after cryptocurrencies plunge 12%

Image Source CoinMarketCap

Image Source CoinMarketCap

As of the time of writing, Bitcoin is trading at $5448, Ethereum at $163, Ripple at $048 and Bitcoin Cash at $3.72.

The move marks bitcoin's lowest value since October a year ago, and is now down more than 70 per cent since the height of the cryptocurrency bubble in December 2017. Now, the BTC hash rate dropped below 42 million TH/s, and we suspect that the Bitcoin Cash hash wars have the answers for this sudden decrease. The free fall in crypto prices is pretty steep at the moment. Analysts have also said the price of Bitcoin may decline by more than 70%, bring the value of the currency to as low as $1500.

Deposits and withdrawals remain disabled for now, as neither the SV nor the ABC chain is deemed "safe" enough at this time. But while many of its rivals experienced sharp drops, Ethereum saw its price tumbling down in a much more gradual manner.

The SEC announcement, coupled with bitcoins precipitous decline, sent shockwaves through the crypto world, driving down the value of nearly every alternative coin, including Ethereum, Bitcoin Cash, Litecoin, and Ripple.

According to industry tracker, the total market capitalisation of virtual currencies is now below $150 billion, down from around $800 billion in January.

Stay tuned with us at Cryptoground for all the latest news updates and stories from the world of cryptocurrencies and the blockchain technology.

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The immediate bearish outlook would be invalidated if a correction ends up pushing prices above the 10-day EMA of $5,424.

As BTC, which maintained stability from August to November, dropped substantially against the U.S. dollar, other major cryptocurrencies struggled to sustain momentum.

Ripple (XRP) has been lagging the market but now is coming under heavy selling pressure and is registering a double-digit loss. But the price is changing fast reflection the increased volatility in the crypto market since last week.

"While most are blaming the Bitcoin Cash "hard fork" as a key player behind Bitcoin's weakness, technicals could have played a role", Lukman Otunuga, a research analyst at FXTM, told Business Insider.

The agency recently settled with two companies, Paragon, and Carrier EQ, requiring them to pay $250,000 in penalties each, and offer investors a chance to request a refund for their tokens.

The average cost of mining one Bitcoin has been estimated to be between $6,000 and $7,000 depending on the cost of power at the site of the activity. Triggered by a Bitcoin Cash [BCH] debacle and Bitcoin support level slip, the cryptocurrency market has fallen by a whopping 80.68% compared to its yearly high. Most indicators have bottomed out and reached new lows we haven't seen for a long time on Bitcoin.

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