Bitcoin tumbles by about 10%, makes new low for 2018

Bitcoin prices tumbled lower on Wednesday, crashing through the psychological $6,000 level and making a new low for 2018.

A single bitcoin

BTCUSD, -13.37%

 was last fetching $5,788.81, down 8.6% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange. Bitcoin reached a session low of $5,649.08.

“After the recent attempt to clear $6,500 bitcoin has lost all its momentum and now we are seeing some very bearish signals,” said Naeem Aslam, chief market analyst at Think Markets U.K. Aslam added that a break of the 2018 low, would open up a move towards the $5200 to $5300 level.

Bitcoin new 2018 low

The total value of all cryptocurrencies was last at $192 billion, down $20 billion from yesterday, according to data from CoinMarketCap.

Read: A central bank digital currency could be around the corner, if you believe the IMF

Bitcoin Cash leads altcoin selloff

Altcoins, or cryptocurrencies other than bitcoin, were showing significant losses in Wednesday trading. One day out from the scheduled hard fork, Bitcoin Cash

BCHUSD, -20.33%

 tumbled 16.8% to $425.60.

Read: What you need to know about the Bitcoin Cash ‘hard fork’

Elsewhere, Ether,

ETHUSD, -16.68%

was off 10.8% at $181.50, Litecoin

LTCUSD, -16.12%

had lost 13.8% at $42.19 and XRP,

XRPUSD, -16.68%

the coin that runs on the Ripple protocol, was off 13.7% at 44 cents.

Futures were continuing their poor run Wednesday. The Cboe Global Markets November contract

XBTX8, -13.11%

was 9.8% lower at $5,655 and the CME Group November contract

BTCX8, -14.00%

was down 10.6% at $5,615.

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