bitcoin

Bitcoin battered further, nearing important support at $5000


Bitcoin prices have tumbled further on Monday, reaching their lowest level since October 2017.

Coming off a week that saw the world’s largest digital currency plummet through $6,000, bitcoin prices have shed another 8% on Monday, with a single bitcoin














BTCUSD, -8.70%












 last fetching $5,111.40, down 7.9% since Sunday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange. Bitcoin had reached an intraday low of $5,056.30, down 8.8% on the day.

The broad-based selloff in digital assets has seen the total value of all cryptocurrencies fall to $168 billion, down more than $650 billion from its peak in January 2018.

Read: Why bitcoin prices are staging a fresh collapse

With bitcoin now down more than 60% year-to-date and more than 70% since its all-time high, Stephen Innes, head of Asia Pacific trading at Oanda believes further regulatory hurdles will push bitcoin below the next psychological level at $5,000, with further declines likely. “The digital token fell as much as 6.3% to $5,202, having plunged through a critical resistance level Wednesday after a period of relative tranquility,” he wrote.

“I remain incredibly bearish on BTC with the $1,000 level looking as likely as $10,000. But this is from a longstanding and unwavering view that regulators and the banking system will continue to push back against the rise of virtual markets, and will undoubtedly burst crypto’s balloon as the $5,000 cliff edge is approaching fast.”

Bitcoin’s decline from its peak marks the fifth biggest drawdown since 2010, according to Charlie Bilello, director of research at Pension Partners.

Read: SEC settles charges with two ICOs that opens the door to nonfraudulent cases

Altcoin massacre continues

Altcoins, the collective group of coins other than bitcoin, have tumbled to multimonth lows on Monday. Ether,














ETHUSD, -12.33%












the second-largest digital currency is trading at a 16-month low of $153.30, down 12%. Litecoin














LTCUSD, -11.73%












was down 11.3% at $37.00, Bitcoin Cash had shed 20.7% and XRP,














XRPUSD, -1.85%












was down 4.4% at 48 cents.

Bitcoin futures followed suit on Monday. The Cboe Global Markets December contract














XBTZ8, -7.89%












 was down 6.6% at $5,060 and the CME Group November contract














BTCX8, -8.35%












was down 7.3% at $5,055.

Read: Opinion: Bitcoin still fooling buyers into believing those 200%-plus gains are coming back

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