Markets Panic: Bitcoin Hits Lowest Since October 2017 as Bitcoin Cash Drops 40 Percent

Neutral Markets Panic: Bitcoin Hits Lowest Since October 2017 as Bitcoin Cash Drops 40 Percent

A "panicked" twenty-four hours in cryptocurrency markets saw Bitcoin ( BTC) hit fresh lows not seen in over a year Nov. 20 as assets across the board shed millions.

Data from Cointelegraph's price tracker, Coin360, CoinMarketCap, and Bitcointicker captured frenetic activity into Tuesday as BTC/USD dropped up to 17 percent, at one point reaching $4,237.

Market visualization from Coin360

Bitcoin's daily losses currently total 15.5 percent after a correction to around $4,500, while the situation remains highly volatile as the pair tests new resistance levels.

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

The events mark a continuation of the unsettled conditions sparked Nov. 15 when altcoin Bitcoin Cash ( BCH) experienced a contentious hard fork, which has since resulted in the emergence of two separate competing chains.

While BCH initially held onto much of its value, the 24 hours to press time saw a U-turn for investors, BCH/USD shedding almost 40 percent to test support at $200.

While BCH firmly took the lead as the worst performer of the top twenty cryptoassets, others also suffered heavy losses.

Ethereum ( ETH) significantly widened its gap in market cap with Ripple ( XRP), cementing its position as now the third-largest cryptocurrency. ETH/USD daily losses were circling 15 percent at press time, compared with XRP/USD's 6.2 percent.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Elsewhere, multiple assets lost in excess of 17 percent on the day, while Tezos ( XTZ) and Binance Coin ( BNB) shed almost 20 percent. Even stablecoin Tether ( USDT) is currently down about 2 percent over a 24 hour period.

While commentators took a broadly pragmatic approach to the downturn, talk on social media has nonetheless returned to the topic of when BTC in particular will "botto"' in USD terms.

Various sources continue to claim that major support lies around $4,000, while if this is broken, $3,000 should mark a definitive barrier.

"People have panicked," crypto enthusiast John McAfee wrote on Twitter, summarizing his thoughts.

At press time, total market cap is around $146 billion, down from its weekly high of around $212 billion - total market cap was last at $146 billion on Oct. 6, 2017.

Total market cap since October 2017. Source: CoinMarketCap

11/20/2018 / 11:14:00 Source: cointelegraph

Altcoin | Markets | Bitcoin Cash | Bitcoin Price | Ethereum Price | Ripple | Hard Fork | Tezos | Binance | John McAfee | | BTC|Market|XRP|Exchange|Altcoin
BTC
1 BTC=$3,310.07
XRP
1 XRP=$0.2956
ETH
1 ETH=$87.95
XUC
1 XUC=$2.13
EOS
1 EOS=$2.00
BCH
1 BCH=$81.07

News Feed 50

Cryptoglobe Negative - WAVES Has Risen 72% so Far This Month, Bucking the Bearish Trend read more.
12/16/2018 / 12:30:22
Blokt Neutral - TRON Releases Dapp Weekly Report: Two Tron-based Decentralized Exchanges Launched read more.
12/16/2018 / 12:29:28
Newsbtc Neutral - Facebook Blockchain Arm Booms, Even Amid Crypto Bear Market read more.
12/16/2018 / 12:00:44
Bitcoinist Neutral - Litecoin ‘Flappens’ Bitcoin Cash By Market Capitalization read more.
12/16/2018 / 12:00:04
Coinspeaker Neutral - On the 6th Day of Christmas Coinbase Gave Bitcoin to Syrian Refugees read more.
12/16/2018 / 11:07:56
Bitcoin.Com Neutral - Chatter Report: Zhuoer Claims BSV Block Created ‘Accidentally’, Falkvinge Likens Code Review to ‘Legislation’ read more.
12/16/2018 / 11:05:27
Coindesk Neutral - Exchanges, Startups Pick Sides After the Bitcoin Cash ‘Hash War’ read more.
12/16/2018 / 11:00:57
Cryptoglobe Neutral - Kaspersky: 13 Million Cryptojacking Incidents in 2018, up 400% From Last Year read more.
12/16/2018 / 11:00:06
Livebitcoinnews Neutral - Crypto Millionaire Tosses Money from a Roof in Hong Kong read more.
12/16/2018 / 11:00:02
Newsbtc Neutral - Bitcoin Development Not Controlled by Anyone Says Crypto Veteran read more.
12/16/2018 / 10:57:28
Ccn Neutral - The Venezuelan Government is Forcing Petro Down the Pensioners’ Throats read more.
12/16/2018 / 10:55:24
Cryptoglobe Neutral - #Bitcoin (BTC) Long-term Price Analysis – December 16 read more.
12/16/2018 / 10:15:28
Coindesk Neutral - Coinbase and the Awkwardness of Growing Up read more.
12/16/2018 / 10:15:26
Cryptopotato Negative - November Recorded the Worst Month For ICOs read more.
12/16/2018 / 09:40:37
Cryptoglobe Neutral - Russia Backs Away From Commitment to Trade in Venezuela's Petro Crypto, for Now read more.
12/16/2018 / 09:30:42
Ccn Neutral - Waves Surges into Top 20 Coins as Wider Crypto Market Stumbles read more.
12/16/2018 / 09:09:34
Bitcoin.Com Neutral - CEO of Romanian Exchange Coinflux Arrested on US Warrant read more.
12/16/2018 / 09:05:59
Newsbtc Neutral - Bitcoin Bomb Threats Strike Hong Kong After Debacle In U.S., Canada read more.
12/16/2018 / 08:06:15
Livebitcoinnews Neutral - Facebook Building Its Blockchain Unit, May Develop a New Cryptocurrency read more.
12/16/2018 / 08:00:06
Themerkle Neutral - Bitcoin, XRP, Ethereum Price in the Green. Litecoin and BitcoinSV Leading With 8% Gains read more.
12/16/2018 / 07:31:19
Ccn Neutral - French Financial Watchdog Blacklists More Cryptocurrency Websites read more.
12/16/2018 / 07:16:09
Coinnounce Neutral - 1.3 million Bitmain S9 miners turned off: Bitcoin Mining no longer profitable read more.
12/16/2018 / 05:47:11
Cryptonewsreview Neutral - SolarisBank teams up with German exchange Boerse Stuttgart Group to form crypto exchange read more.
12/16/2018 / 05:43:59
Livebitcoinnews Neutral - Startup Owners Still Invest in Crypto, but They Don’t Believe in It read more.
12/16/2018 / 05:31:34
Cryptonewsreview Neutral - A separatist nation in Cameroon has created its own nation-backed cryptocurrency read more.
12/16/2018 / 05:24:42
Themerkle Neutral - Tesla Owner Successfully Dual-boots Linux and TeslaOS read more.
12/16/2018 / 05:17:37
Newsbtc Neutral - Bitcoin Price Weekly Analysis: BTC’s Short Term Rebound Likely read more.
12/16/2018 / 05:00:02
Coinnounce Neutral - Ethereum Miners are the best targets for Hackers, ETH mining is not profitable read more.
12/16/2018 / 04:54:36
Cryptonewsreview Neutral - Binance has released the first set of blockchain initiatives backed by its Incubation Program read more.
12/16/2018 / 04:53:01
Coinnounce Neutral - #Ethereum Price Analysis: ETH falling to $55? read more.
12/16/2018 / 04:52:09
Newsbtc Neutral - Ethereum Price Weekly Analysis: Upsides in ETH Remains Capped Near $98 read more.
12/16/2018 / 04:08:39
Cryptoinsider Neutral - Timothy C. May: A Tribute read more.
12/16/2018 / 04:05:51
Bitcoin.Com Neutral - BCH-Based Openswap Client Will Feature Trustless Atomic Swaps read more.
12/16/2018 / 03:35:59
Themerkle Neutral - Ethereum’s ProgPoW May Trigger Major Market Movements if Implemented read more.
12/16/2018 / 03:15:19
Cryptoglobe Neutral - Strong Ethereum Numbers Indicate Platform’s Staying Power Amid Crypto Winter: Consensys read more.
12/16/2018 / 03:00:14
Cointelegraph Neutral - Business Models Should Be ‘Re-Imaged’ for Blockchain, Says Barclays Rep read more.
12/16/2018 / 02:53:00
Ccn Neutral - Romanian Bitcoin Exchange CEO Helped Launder Stolen Funds: Report read more.
12/16/2018 / 02:30:05
Ccn Neutral - ‘Wasteland’ Director’s New Blockchain Gaming Store Signs up 22 Publishers read more.
12/16/2018 / 01:10:17
Ccn Neutral - Facebook Aggressively Hiring Blockchain Devs, Discussed Launching Cryptocurrency: Report read more.
12/16/2018 / 00:01:37
Bitcoin.Com Neutral - Switzerland to Relax Laws to Accommodate Blockchain and Cryptocurrency Startups read more.
12/16/2018 / 00:00:27
Cryptoglobe Neutral - France's Watchdog Warns Against Fraudulent Crypto and Diamond Investment Schemes read more.
12/15/2018 / 23:00:36
Themerkle Neutral - Is This the End of Crypto? read more.
12/15/2018 / 22:56:43
Cointelegraph Neutral - Blockchain Payments’ Mass Adoption Is 3-5 Years Away, Says BitPay CEO read more.
12/15/2018 / 22:53:00
Ccn Neutral - Downturn or Not, Bitcoin Has Still Outperformed Apple Since Last January read more.
12/15/2018 / 22:30:08
Cryptonewsreview Neutral - A brand new wallet for Android reviewed read more.
12/15/2018 / 22:21:11
Bitcoin.Com Neutral - Monitor Bitcoin Cash Development With the Coin Dance Tracking Page read more.
12/15/2018 / 22:00:43
Cointelegraph Neutral - Top Cryptos See Mixed Gains & Losses, Bitcoin Fights to Stay Over $3,200 read more.
12/15/2018 / 21:31:00
Bitcoinist Neutral - Cambridge University Study: Speculation of the Death of Bitcoin ‘Greatly Exaggerated’ read more.
12/15/2018 / 21:00:52
Cryptoglobe Neutral - $2.3 Billion: Nearly 32 Million BCH Were Moved in the Last 24 Hours, Presumably to Claim BSV read more.
12/15/2018 / 21:00:19
Coinnounce Neutral - Can France become the Blockchain Nation? read more.
12/15/2018 / 05:00:50
Negative
4.3%
Neutral
94.4%
Positive
1.0%
Mixed
0.2%

Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.