BTCUSD Daily ChartWhy did crypto crash? According to data from CoinMarketCap, Monero lost over 27 percent of its value in the last 7 days and is now trading at $77 to the dollar.
Bitcoin hit $10,000 at the end of November past year and was worth about $20,000 before Christmas, driven primarily by retail speculators.
BTC was in a hard position to eye a short-term breakout to $6,000 given its low volume and the intensity of the crypto market crash on November 15.
Bitcoin dominance now stands way over 50%, therefore we know that Bitcoin has a grip on the markets. However, one thing which remains consistent is that Bitcoin continues to dominate over 50% dominance in the crypto market.
Speaking to The Block, Genesis Global Trading CEO Michael Moro, who provides institutional investors access to block size liquidity to purchase or sell cryptocurrencies like Bitcoin, Ethereum, and Bitcoin Cash, said that large investors have started to move funds garnered when the price of Bitcoin was just about $1,000.
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The figures seem meant to provide a minimum gain/maximum loss worst case scenario, but they do illustrate an important and perhaps disheartening fact of the ongoing "hash war": there are definitive losers. Ethereum (ETH) is on an absolute free fall in the last one week losing 30% of its valuation.
At press time, BTC had fallen over 12% in the past 24-hour trading cycle. The cryptocurrency is continuing to touch new lows f'or the year, ever since it made a record by nearly touching $20,000.
As BTC, which maintained stability from August to November, dropped substantially against the United States dollar, other major cryptocurrencies struggled to sustain momentum. Since Monday, Nov. 19, XRP has lost less than 5%.
After months of relative calm, the digital currency started to drop last week. Also, it seems that more positive impact might arrive as institutional investors are likely to get more into cryptocurrencies, following the launch of the Microsoft, Starbucks, ICE-backed Bakkt and Fidelity. Ripple's XRP stood relatively firm amidst the falling values and recorded a decline of 4.5% in the last 24 hours. Many believe this is what triggered the sudden drop in the value of bitcoin and other cryptocurrencies on November 14. Two factions within the Bitcoin Cash world couldn't agree on a proposed upgrade to Bitcoin Cash. Bitcoin Cash is now called Bitcoin ABC and the new fork is called Bitcoin SV, meaning "Satoshi's Vision". The $5,000 level acts as a major psychological support and with it giving way rather easily, the risk to the downside looks set to intensify. On Friday, the U.S. Securities and Exchange Commission announced civil penalties against two cryptocurrency companies that didn't register their initial coin offerings as securities. Airfox and Paragon Coin agreed to pay civil penalties for running token sales past year without registering them as securities offerings. "Projects are being made to return investor money, which, after having spent a tonne of money marketing their US$100 million ICO on a lavish party-filled roadshow that was the norm for this vintage of ICOs, will be tough".
If the negative sentiment from 2018 continues into 2019, it wouldn't be surprising for the crypto market to bottom out in the first half of the new year. And, when trading CFDs on crypto cross pairs and cryptos paired with fiat currencies, traders can profit on market movements in any direction.
Markets are waiting to see whether both versions survive as independent bitcoin-based networks. "The last bear market was more than 600 days and at the time of this writing the current bear market has only been 344 days", the trader said. The Bitcoin CME futures fell to Dollars 5,015, while the Bitcoin contracts on the CBOE fell to USD 4,990.
What we see today and what we have seen through the past month is the pure essence of volatility.