Crypto collapse unpaused: Ethereum at news multi-month lows, Bitcoin and Ripple close to critical levels
|- Bitcoin stays close $4,000 handle amid growing bearish pressure.
- Altcoins are losing ground, all top-20 coins are deep in the red.
The cryptocurrency market has experienced another day of massive sell-off as the total value of all digital assets in circulation dropped below $140B for the first time since September 2017. All major coins are back in a red zone again after a short-lived recovery on Thursday, probably caused by Thanksgiving holiday in the US. Top-12 coins are losing from 7% to 15% on a day-on-day basis.
Bitcoin, the largest cryptocurrency by market value, lost over 7% since this time on Thursday to trade at $4,140 by the time of writing. The coin holds above critical $4,000 so far; however, weak recovery attempts darken the technical picture.
Ripple's XRP is hovering at $0.4000, down over 8.5% on a day-on-day basis. The second largest coin with market value $16.3B is moving within a clear bearish trend, driven by negative market sentiments and panic selling.
Ethereum is another big market loser. The coin has lost over 11% of its value since this time yesterday to trade at $120.65 by press time. Moreover, the third largest coin with a market value of $12.5B touched $118 low during the Asian session.
What's going on in the crypto universe
BitPay's CTO expects that Bitcoin will cost $15,000 - $20,000 in 2019 despite current crypto carnage.
Circle's stablecoin USDC got audited - everything is OK, it is fully backed by fiat.
Saudi Arabia is going to launch its own cryptocurrency next year.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.