Bitcoin price (BTC/USD) hits new 2018 low amid market-wide crypto crash

Bitcoin price (BTC/USD) hits new 2018 low amid market-wide crypto crash

It is usually not presently possible to buy alternative cryptocurrencies such as Bitcoin Cash SV [IOU] directly using USA dollars. The digital coin has lost 10.6% of its value in the past 24 hours. During the last week, Bitcoin Cash SV [IOU] has traded 28% higher against the US dollar. Its total market cap now stands at $98.3 billion.

The drama surrounding the recent Bitcoin Cash fork has comprised the catalyst for significant action across the cryptocurrency market, with both BCH and BTC posting new lows for 2018 on November 15. The software upgrade has split the original BCH blockchain into two networks, tentatively called BCHABC and BCHSV. According to CNBC, Brian Kelly, the founder and CEO of currency investment management firm BKCM said in an interview that the current rift in the cryptomarket is likely to be "short-lived".

"I think it's probably an opportunity", said Kelly. "And that's what happened today - the entire market sell-down". They are running away from both the BTC and BCH markets, fearing slowdown that may ponder upon their holdings in near-term. This triggered a chain reaction that led short-term investors to sell their coins.

Kelly believes that the crash will be a short-term event and that it likely resent a buying opportunity.

Meltem Demirors, chief strategy officer at CoinShares, supported the theory but provided a separate fundamental altogether. "You're going to see consolidation, and some of these assets, inevitably, will get marked to zero".

For Bitcoin Cash ABC, the day started off bearish, with BCH ABC falling through the day's first major support level at $231.09 to an early morning intraday low $225.05.

Bitvo customers who have questions about the BCH hard fork are encouraged to contact Bitvo's 24/7 customer support team at [email protected] or 1-833-86BITVO (1 833-862-4886). CBC price at press time is $0.149, which is more than a 21% loss on the day.

Bitcoin is now trading at $5,650 which represents close to 11% decline in a day. In an attempt to defend itself in an official statement it said: "The final outcome of the BCH hard fork is still unpredictable, and so are the responses of other constituent exchanges to the new forked coins".

Featured Image from Shutterstock.

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