Bitcoin prices tumbled lower on Wednesday, crashing through the psychological $6,000 level and making a new low for 2018.
A single bitcoin
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.
The total value of all cryptocurrencies was last at $192 billion, down $20 billion from yesterday, according to data from CoinMarketCap.
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
tumbled 16.8% to $425.60.
was off 10.8% at $181.50, Litecoin
had lost 13.8% at $42.19 and XRP,
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
was 9.8% lower at $5,655 and the CME Group November contract
was down 10.6% at $5,615.
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