{"id":6219,"date":"2018-11-19T22:21:01","date_gmt":"2018-11-19T19:21:01","guid":{"rendered":"https:\/\/forklog.media\/?p=6219"},"modified":"2018-11-21T22:21:12","modified_gmt":"2018-11-21T19:21:12","slug":"bitcoin-hits-new-lows-as-price-crashes-below-5000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-hits-new-lows-as-price-crashes-below-5000\/","title":{"rendered":"Bitcoin Hits New Lows as Price Crashes Below $5,000"},"content":{"rendered":"

Start of a new week turned out be far from bright for the flagship cryptocurrency, as the gradual slide turned into a free-fall. At approximately 16:30 UTC on Monday, Nov. 19, for the first time in 2018, the price of Bitcoin fell below $5,000 on several exchanges, including Bitstamp and Coinbase.<\/p>\n

On Bitstamp, the BTC\/USD fell to $4,959 before bouncing back above the $5,000 threshold, while on Coinbase it fell even lower, down to $4,950. This took Bitcoin to a 13-month low with the market cap reducing to just $89 billion.<\/p>\n

Things got worse at around 19:15 UTC, when the price of Bitcoin fell below $4900 on both Bitstamp and Coinbase.<\/p>\n

\"Bitcoin<\/a><\/p>\n

At Bitfinex, where BTC has been trading at a $100 – $150 premium for the past several weeks, the price is so far staying above the psychological level of $5,000, however it too seems to be just a matter of time before this support is broken.<\/p>\n

Based on the current conditions of the market, a further drop below the $5,000 mark looks rather likely.<\/p>\n

The reasons behind such a massive sell-off are not quite clear, with some analysts attributing it to a combination of uncertainty surrounding the recent Bitcoin Cash hard fork<\/a> and overall bearish technical factors.<\/p>\n

However, with the SEC announcing<\/a> last Friday its first civil penalties against two cryptocurrency companies that didn\u2019t register their initial coin offerings as securities, there are also speculations that the current sell-off was triggered by that ruling. More specifically, Airfox and Paragon Coin Inc. will each have to pay $250,000 in penalties to compensate investors, and will also have to register their digital tokens as securities.<\/p>\n

\u201cThe selloff is related to enforcement, which is almost certainly underway,” <\/strong>Justin Litchfield, chief technology officer at ProChain Capital, told Bloomberg. “Projects are being made to return investor money, which, after having spent a ton of money marketing their $100 million ICO on a lavish party-filled road-show that was the norm for this vintage of ICOs, will be tough.\u201d<\/strong><\/p><\/blockquote>\n

This assertion may be a little overblown, though. Many of the ICOs done have already drained their wallets and likely converted their cryptocurrency into fiat, according to researcher Elementus.<\/p>\n

The cryptocurrency industry has now lost more than $660 billion in value from a January peak, according to data from CoinMarketCap. Bitcoin is down more than 70 percent from its December 2017 high, the data show.<\/p>\n

Ethereum (ETH\/USD) hits the lowest levels since July 2017, falling by more than 10% and slips below $150. Ripple (XRP\/USD) is also dragged lower alongside its digital currency peers and but is far from the lows \u2013 having weathered the storm relatively well, XRP was trading around $0.49 at the press time.<\/p>\n

Other notable losers include Litecoin (-14.19% ; $36.57), Cardano (-15.85% ; $0.052), Monero (-17.79% ; $73.63), Dash (-16.47% ; $111.37), and NEO (-17.65% ; $10.35).<\/p>\n

Follow ForkLog on Twitter<\/a><\/span> and Facebook<\/a><\/span>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Start of a new week turned out be far from bright for the flagship cryptocurrency, as the gradual slide turned into a free-fall. At approximately 16:30 UTC on Monday, Nov. 19, for the first time in 2018, the price of Bitcoin fell below $5,000 on several exchanges, including Bitstamp and Coinbase.<\/p>\n","protected":false},"author":1,"featured_media":5636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,172],"class_list":["post-6219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-markets"],"aioseo_notices":[],"amp_enabled":true,"views":"486","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/6219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=6219"}],"version-history":[{"count":4,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/6219\/revisions"}],"predecessor-version":[{"id":6225,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/6219\/revisions\/6225"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/5636"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=6219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=6219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=6219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}