Bitcoin Sinks to New 13-month low

Dwayne Harmon
November 20, 2018

A number of analysts are predicting further falls for Bitcoin, which keeps hitting new lows.

Across the broader market, the reversal has seen Bitcoin's dominance rise to 53.2%, with the total cryptomarket cap falling to $180.48bn.

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Yesterday, Changpeng Zhao (also known as "CZ"), the CEO of the largest crypto exchange, Binance, tweeted something that hints towards the possibility of XRP becoming a base currency on the leading exchange. Though also in red, XRP has performed better than all other coins posting a 6.9 percent loss in the last 7 days compared to 18 percent for bitcoin and 29 percent for ether. It was Bitcoin Cash, however, which experienced the biggest shock - a 21% decrease.

"There's a small chance that, it's hard to estimate, that something really bad could happen related to Bitcoin Cash that could then impact the entire crypto market". For the first time this year, Ethereum market cap has slipped below $15 billion.

The coin's performance may have been additionally affected by the US Securities and Exchange Commission's (SEC) recent ruling regarding two ICO start-ups. If you already own crypto though, do you really want to risk anymore of your money on a market that has failed to perform for almost 12 months?

Last week, XRP fell to $0.40 after an incredible run in October. In a blogpost announcing the support Kraken cautioned its users against SV by saying, "Bitcoin SV does NOT meet Kraken's usual listing requirements".

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"The selloff is related to enforcement, which is nearly certainly underway".

The agency recently settled with two companies, Paragon, and Carrier EQ, requiring them to pay $250,000 in penalties each, and offer investors a chance to request a refund for their tokens.

"It's always suspect guessing the cause of short-term price movements, but it seems likely that a lot of what's going on now is ICOs trying to liquidate all their cryptocurrency for cash to make off with the goods before the SEC comes down on them", said Bram Cohen, co-founder of the proposed digital currency Chia, which is planning an initial public offering.

Crypto Trader Ran Neu-Ner said that the crypto market is at most bearish not in a full-fledged panic mode. And, when trading CFDs on crypto cross pairs and cryptos paired with fiat currencies, traders can profit on market movements in any direction.

Analysts from all across the crypto-sphere had previously highlighted $6,000 as their potential bitcoin bottom.

"Though the two are not the flawless comparison I do think it's important to note and keep in mind".

For the day ahead, a hold onto $5,500 levels through the morning could see Bitcoin recover some of the day's losses, with a move back through the second major support level at $5,550.63 bringing $5,600 levels back into play, though we can expect plenty of resistance on any attempted rebound.

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