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.

Related News:



Most liked

Instagram security flaw exposed some users’ passwords
The company also said that the passwords stored on Facebook's servers have also been deleted since the issue came into notice. For some users it could have included their password in the URL of the link they've been sent to, um, download their data.

UK opposition united against European Union divorce deal
Businesses, which fear the turmoil that could follow a disorderly Brexit, have largely welcomed the withdrawal deal. She appealed directly to voters Friday by answering questions on a radio call-in show.

Lionel Messi and Paul Pogba chat at Salt Bae's restaurant in Dubai
The tune includes the line "He stopped Leo Messi " in response to France 4-3 victory against Argentina in the round of 16. France will look to make up for their loss in their next Nations League clash against Uruguay on November 21.

Netanyahu's far-right party quashes early election rumours
There has always been speculation that Netanyahu would call a general election before its scheduled date of November 2019. He later backed off and said he was committed to "responsible, reasonable policy".

Macau F3 World cup Crash involving Sophia Floersch stuns Motorsport world
The vehicle hit an area populated with photographers and race marshals and four others were sent to hospital with Floersch. She then lost control of her damaged auto and was launched over the kerbs and another competitor's vehicle.

Manisha Moun makes spectacular debut
However, it was the standing count that Brugger received in the second round that turned the bout in Sarita's favour. Sarita admitted after the bout that it was an unpredictable bout and she was having difficulty controlling Brugger.

Your genes make you tea or coffee lover
But we didn't know whether genes for bitter taste perception were involved in determining consumption of bitter-tasting beverages. Do you prefer coffee or tea? Those who are sensitive to the taste of PROP were nine percent more likely to be heavy tea drinkers.

Google Doodle Celebrates 44th Anniversary of First Interstellar Radio Message - Arecibo Message
Frank Drake, then at Cornell University and creator of the Drake equation , wrote the message with help from Carl Sagan , among others.

Donald Trump heads to California, again blaming fires on forest management
But I think everyone is on the right side. "It was so insane , I started crying in front of everybody", Whipple said. But during his visit to Paradise, Calif., on Saturday morning , Trump made similar comments about forest management.

UK Prime Minister May sees ‘no alternative’ to her Brexit plan
They are aiming for 48 letters of no confidence, the number needed for a vote under Conservative Party rules. A spokesperson for the prime minister said that a replacement Brexit minister is expected to be appointed.

Landmark change to kilogram approved
National Institute of Standards and Technology said the vote left him "a basket case" and "extremely emotional". Even inside its three glass bell jars it picks up micro particles of dirt and is affected by the atmosphere.

California wildfire deaths rise to 71 ahead of Trump visit
A week after her family narrowly escaped as the Camp Fire closed in on Paradise , Whitney Vaughan said she feels like giving up. But Honea acknowledged the list was "dynamic" and could easily contain duplicate names and unreliable spellings of names.

Nittany Lions Jump 6 Spots in New College Football Playoff Rankings
With both teams still in contention for a spot in the Big 12 Championship game, expect to see each team pull out all the tricks. The Knights on Saturday play Cincinnati, which is ranked for the first time by the selection committee this season at No. 24.

Black Friday 2018: Best Places To Buy PS Plus
To celebrate this occasion, we are also revealing a new PS4 bundle to add to our lineup, the Call of Duty: Black Ops 4 PS4 bundle. You don't need to wait until Black Friday, Cyber Monday or even this Sunday to get one of the wildest Xbox One deals we've seen.

Slow ticket sales for Bafana Bafana, Nigeria showdown
The reward I get is if I see the faces of the people out there are happy, and I see the players proud of themselves. I don't think they were expecting a South African team to defend with such discipline at set-pieces.