Bitcoin makes fresh 15-month low as crypto collapse resumes - MarketWatch

clicks | 6 months ago | Google AI sentiment 0.20 | comments: discuss | tags: bitcoin cryptocurrency

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Cryptocurrency prices fell sharply on Friday as another bout of selling pressure took digital currencies to fresh lows.
Bitcoin, BTCUSD, -6.26% the world’s No. 1 digital currency, fell as much as 8%, making a 15-month low at $3,291 on the Kraken crypto exchange. A minor bounce has a single bitcoin currently fetching $3,379.90, down 6.2% since 5 p.m. Thursday.
“The price of bitcoin has crippled on the back of this and I think it is likely that the price may not only drop below the $2K mark, but with this kind of momentum behind it, the price can test the 1500 level,” said Naeem Aslam, chief market analysts at Think Markets U.K. in a research note. “Simply put, the bad news keeps coming just like cockroaches coming out of a hole.”
But Aslam said the rot has to stop somewhere, which presents a golden opportunity for crypto believers. “This is a crypto market which has the ability to blow your mind and the downside is limited and the price at its current level represents an opportunity of a lifetime,” he said.
Read: Opinion: Bitcoin is close to becoming worthless
Ether below $100, Bitcoin Cash makes record low Altcoins, or digital coins other than bitcoin, haven't fared any better. Ether, ETHUSD, -10.27% tumbled to a 19-month low at $84.86, down 10.7%, Litecoin LTCUSD, -11.60% was off 11.1% at $24.82, XRP, XRPUSD, -6.53% was down 6.7% at 30 cents and Bitcoin Cash BCHUSD, -8.49% made another record low, trading under $100 to $98,70, down 13.1%.
Read: UnitedCorp files suit against Bitmain, Roger Ver, Kraken and others over alleged manipulation during Bitcoin Cash hard fork
The crypto-wide selloff shed a further $10 billion off the market value of all cryptocurrencies, which is at a 15-month low of $106 billion, according to data from CoinMarketCap .
Bitcoin futures are tracking spot prices lower on Friday. The Cboe Global Markets December contract XBTZ8, -7.74% is off 7.3% at $3,325 and the CME Group December contract BTCZ8, -7.78% is down 7.8% at $3,320.
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