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Bitcoin Endures Another Bad Day and Sends Crypto Market into Free Fall

December 17, 2019 at 21:58 by Matt Jackson

Bitcoin has endured another bad day, dropping to $6,600 and sending the rest of the cryptocurrency market into free fall. At one stage, Bitcoin prices had shed more than 5% of its price, but other cryptocurrencies experienced even bigger losses.

Ripple has lost more than 12% with Bitcoin Cash and Bitcoin SV not far behind with 10% losses of their own. ChainLink, which has performed well in recent months, even when Bitcoin has pushed the rest of the market down, has lost more than 13%. Of the top 50 coins, the only one to post reasonable gains has been Waves, which has seen its price rise by 16%.

Traders are struggling to see solid reasons for the significant drops, but have pointed to lower trading volume over the past few weeks as a possible catalyst.

Just over three weeks ago, Bitcoin was trading as low as $6,515 and a portion of the market was calling for the bottom. Initially, this call seemed legitimate, as prices rose before hitting a peak of $7,850 on November 29th. However, since then, Bitcoin has posted losses on 13 of 18 days. So far today, it has shed nearly 5% off its price, changing hands at a low of $6,575 two hours ago.

Bitcoin hasn’t had to face its woes alone. Ethereum is down 6% and has nearly fallen down to $120, while Ripple has seen a massive 13% slide and is now changing hands at $0.18. A month ago, the coin was trading at $0.26, which means that it has lost 31% in this time.

At 21:50 GMT, Bitcoin (BTC) is trading at $6,608.31, having lost 4.59%. Ethereum (ETH) is down 8.15% and trading at $122.22, having erased all of its gains for the year. Ripple (XRP) is down 11.56% and is available for $0.183 while Bitcoin Cash (BCH) and Litecoin (LTC) have seen their prices drop by 10.19% and 7.49% to trade at $176.79 and $37.34 respectively.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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