Bitcoin falls 10% as bad news descends like ‘cockroaches coming out of a hole’

clicks | 6 months ago | Google AI sentiment -0.90 | comments: discuss | tags: bitcoin cryptocurrency

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Cryptocurrency prices fell sharply on Friday, as another bout of selling took digital currencies to fresh lows.
Bitcoin, BTCUSD, -9.87% the world’s No. 1 digital currency, crashed through support at $3,500, falling more than 10% to a 15-month low at $3,230 on the Kraken exchange. A minor bounce has a single bitc,oin currently fetching $3265.00, down 9.3% 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 rout 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.
Bitcoin has now fallen 84% from its all-time high above $19,000.
Read: Opinion: Bitcoin is close to becoming worthless
Altcoin collapse sees Ether trade below $100 Altcoins, or digital coins other than bitcoin, haven't fared any better. Ether, ETHUSD, -12.60% tumbled to a 19-month low at $82.44, down 13.2%, Litecoin LTCUSD, -18.12% was off 16.8% at $23.25, XRP, XRPUSD, -9.86% was down 10% at 29 cents and Bitcoin Cash BCHUSD, -11.53% made another record low, trading under $100 to $97,70, down 12.7%.
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, -11.78% is off 9.4% at $3,250 and the CME Group December contract BTCZ8, -12.50% is down 11.4% at $3,190.
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Aaron Hankin Aaron Hankin is a MarketWatch reporter in New York who covers cryptocurrency and financial markets.