Extreme Volatility After Bakkt Delay

Twitter Facebook LinkedIn Over the past 12 hours, the price of Bitcoin, which was dangerously close to breaching the $4,000 support level, surged from $4,050 to $4,560 by more than 12 percent. On Coinbase and major fiat-to-crypto exchanges like Bitstamp and Kraken, Bitcoin dropped to as low as $4,030 for a brief period of time and recovered to $4,200 almost immediately after. Eventually, BTC rebounded to $4,500, showing some resistance in the low $4,000 region. Bakkt Controversy On November 20, ICE, the parent company of the New York Stock Exchange,…

Ripple Finally Suffers Major Price Drop as Crypto Market Wipes Out $12B

Twitter Facebook LinkedIn The intense downtrend of the crypto market is finally having a toll on the best performing digital asset of the month. Ripple (XRP), now the second most valuable cryptocurrency in the market, is no longer up in value on a monthly basis. Throughout the past 30 days, XRP has maintained the $0.5 level relatively well with minimized losses even during a period in which the price of BTC and other major cryptocurrencies fell by around 10 to 20 percent. What Caused XRP to Drop? As a liquidity…

Bitcoin Price Claws Back to $4,500 But Further Losses May Lie Ahead

Twitter Facebook LinkedIn The bitcoin price on Tuesday nursed extensive losses of over 12 percent against the US dollar, stabbing through $5,000 as it did. BTC/USD Intraday Analysis The BTC/USD index is currently trading at the 4513-fiat price level after a minor jump from its intraday low at 4035-fiat. The knee-jerk reaction after a massive sell-off does not confirm a substantial bias shift. It looks more like a bear pennant formation that is likely to extend the bearish action as it overreaches its downside targets. BTC/USD 1H CHART | SOURCE: COINBASE,…

FAANG Stocks are Down $1 Trillion from Yearly Highs

Twitter Facebook LinkedIn As the crypto market reels from a weeklong downturn that has forced the bitcoin price to its lowest point in almost 14 months, it appears that traditional markets do not intend to welcome investors back with open arms. Markets Erase Year-to-Date Gains Following yet another decline on Tuesday, the Dow Jones Industrial Average, S&P 500, and Nasdaq have now erased their 2018 gains heading into Black Friday weekend. The sell-off has been even more pronounced among FAANG stocks, with tech stalwarts Facebook, Amazon, Apple, Netflix, and Google…

Tom Lee Stands by $15,000 Year-End Bitcoin Price Target

Twitter Facebook LinkedIn Fundstrat co-founder Tom Lee stands by his reduced year-end bitcoin price target of $15,000, saying continued fallout from a market slump in tech stocks is putting pressure on cryptocurrencies. Lee’s new prediction is a dramatic drop from the bullish $25,000 price target he had set in early-2018, when the crypto market seemed poised for a major explosion. “Global markets have seen liquidity dry up, and bitcoin is not necessarily a value asset — so as growth stocks, tech, and FAANG come under pressure, it’s going to hurt bitcoin,”…

Bitcoin Hits New Yearly Low at $4,280, Market Urgently Needs Rebound

Twitter Facebook LinkedIn Over the past 24 hours, the price of Bitcoin fell from $4,900 to $4,280, by more than 12.5 percent amidst an unforeseen short-term price drop. On fiat-to-crypto exchanges like Coinbase and Kraken, which demonstrate a more accurate representation of the Bitcoin price given the premium on the Tether-to-BTC pair, the price of BTC dropped below the $4,300 mark for the first time in 2018. $4,280: Where is the Bottom? On November 19, a cryptocurrency trader and analyst known as The Crypto Dog stated that $4,800, despite being…

Crypto Market Suffers From Large Sell-Off

Twitter Facebook LinkedIn Over the past 24 hours, another $25 billion has been wiped out of the crypto market as major digital assets fell sharply in value. Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Stellar (XLM) recorded a loss of 14 percent, 14.5 percent, 45 percent, and 10 percent respectively, demonstrating a large decline in both volume and momentum. Bitcoin Cash Dropping More Than Any Asset As expected, Bitcoin Cash SV, a hard forked cryptocurrency created by the Craig Wright, Coingeek, and Calvin Ayre camp, fell from $170 to…

Plunging Stock, Crypto Markets Leave Investors Searching for Answers

Twitter Facebook LinkedIn The Monday Massacre reverberated throughout equities markets today, leaving its mark not only on the bitcoin price — which dropped below $5,000 for the first time this year — but on tech stocks as well. Recent Bitcoin Price Drop Attracts Bearish Analysis To make matters worse, the bitcoin price has not yet bottomed out, according to technical analysts at Bloomberg Intelligence. The global financial media portal eyes a further 70 percent drop in the digital currency that could lead its price as low as $1,500. For reference,…

Bitcoin Price Dives Below $5,000 amid Choppy Market

Twitter Facebook LinkedIn The bitcoin price kicked off this week on a depressive note, extending its current bearish bias to another low level. The BTC/USD index fell from 5502-fiat to 4886-fiat on Monday, recording more than 11 percent in losses. The price action bled through crucial support levels that had a history of reversing bearish trends. It confirmed how investors are looking to take a break from cryptos until its political scenario improves. The recent Bitcoin Cash hard fork has set the market on fire, with big mining pools jockeying…

Bitcoin Market Cap Establishes New Yearly Low, Drops to $92.53 Billion

Twitter Facebook LinkedIn The market cap of the world’s leading cryptocurrency has established its new yearly bottom. Bitcoin on Monday continued its downtrend, and its valuation dropped to a new bearish low at $92.53 billion. At the same time, the price of the digital currency fell to an average of $5,322, according to aggregate data available at CoinMarketCap.com. Overall, the bearish action intensified the possibility of Bitcoin establishing a double bottom anytime this year. As reported on CCN last week, the forking of Bitcoin Cash has turned out to be…