Home Bitcoin Bitcoin is getting smashed – Business Insider

Bitcoin is getting smashed – Business Insider


smashed porscheGetty

  • Prices have fallen to less than $US6,500 and are now at
    their lowest level since November.
  • Technical analysis suggests that falls to below
    $US3,000 could be in store
  • Other major cryptos have lost between 40-70% over the
    last month amid the global regulatory crackdown.

Bitcoin is getting sold off in Asian trade, as regional stock
markets crash in the wake of the Dow’s huge falls overnight.

Cryptos saw a brief rally earlier this morning as US stocks got
sold off into the close, with
Bitcoin rising 6% from its intra-day lows to back above

But the selloff has resumed and a short time ago, Bitcoin was
trading at $US6,562:

markets insider bitcoin 6500Markets

Bitcoin is trading at the lowest level since mid-November when
a corresponding
surge in Bitcoin Cash
 saw Bitcoin prices
fall below $US6,000.

Bitcoin Cash hasn’t been immune from the latest selloff and has
fallen below $US1,000 — also for the first time since November.

As Bitcoin continues to break through key technical support
levels it indicates further falls to come, according to Greg
McKenna from AxiTrader.

“Increasingly this is looking like a falling knife no one wants
to catch. And why would you right now? It’s not obvious what a
circuit breaker to this weakness will be, or might emerge from,”
McKenna said.

The chart below illustrates McKenna’s view of the latest price

BIAUS Bitcoin chart 6500via Business Insider Australia

“This could end up a full round trip back into the $US1850 /
$US2966 region,” he said.

Most of the other major cryptocurrencies have fallen by between
40-70% over the last month, amid increasing scrutiny from global

Overnight, UK bank Lloyd’s announced
that it would ban cryptocurrency transactions using credit cards
from the bank.

That followed reports from China that authorities
have banned
access to both domestic and foreign cryptocurrency exchanges.

This table from Markets Insider summarises the price action of
the major cryptocurrencies over the past month:

cryptocurrencies chat february 5via Business Insider Australia

Get the latest Bitcoin price here.>>

Read the original article on Business Insider Australia. Copyright 2018. Follow Business Insider Australia on Twitter.

Source link