Bitcoin makes fresh 15-month low as crypto collapse resumes

Cryptocurrency prices fell sharply on Friday as another bout of selling pressure took digital currencies to fresh lows.

Bitcoin, BTCUSD, -7.04% the world’s No. 1 digital currency, fell as much as 8%, making a 15-month low at $3,291 on the Kraken crypto exchange. A minor bounce has a single bitcoin currently fetching $3,379.90, down 6.2% since 5 p.m. Thursday.

The price of bitcoin has crippled on the back of this and I think it is likely that the price may not only drop below the $2K mark, but with this kind of momentum behind it, the price can test the 1500 level,” said Naeem Aslam, chief market analysts at Think Markets U.K. in a research note. “Simply put, the bad news keeps coming just like cockroaches coming out of a hole.

But Aslam said the rot has to stop somewhere, which presents a golden opportunity for crypto believers. “This is a crypto market which has the ability to blow your mind and the downside is limited and the price at its current level represents an opportunity of a lifetime,” he said.

Ether below $100, Bitcoin Cash makes record low

Altcoins, or digital coins other than bitcoin, haven’t fared any better. Ether, ETHUSD, -9.82% tumbled to a 19-month low at $84.86, down 10.7%, Litecoin LTCUSD, -12.57% was off 11.1% at $24.82, XRP, XRPUSD, -7.45% was down 6.7% at 30 cents and Bitcoin Cash BCHUSD, -8.94% made another record low, trading under $100 to $98,70, down 13.1%.

The crypto-wide selloff shed a further $10 billion off the market value of all cryptocurrencies, which is at a 15-month low of $106 billion, according to data from CoinMarketCap.

Bitcoin futures are tracking spot prices lower on Friday. The Cboe Global Markets December contract XBTZ8, -7.32% is off 7.3% at $3,325 and the CME Group December contract BTCZ8, -7.64% is down 7.8% at $3,320.

 

/marketwatch.com

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