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Bitcoin Prices Lose 5% with Slide to $7,500

November 21, 2019 at 21:09 by Matt Jackson

Bitcoin has continued its dismal month, losing more than 5% of its price and reaching as low as $7,500 at one stage today. Prices have steadied at $7,600, but the fall dragged virtually the whole cryptocurrency market down with it.

The likes of Ethereum, Bitcoin Cash, Litecoin, EOS and Bitcoin SV are some of the other major coins to have seen drops of more than 5% against USD.

At this time last month, Bitcoin was at a similar level but saw three days of significant gains push prices back up to $10,000 and it settled at $9,000 until the start of November. However, prices started to decline on November 7th, and in the two weeks since that date, the cryptocurrency has lost $1,800, equivalent to around 20% of its price. Traders will be hoping for a positive end to the month to match that of October.

Despite its continued price struggles, though, Bitcoin still has a lot of heavyweight investors that believe it is set for a sharp increase in price in the near future. Venture capitalist Tim Draper has said that the lightning network will lead to the next Bitcoin bull run. Binance CEO, Changpeng Zhao, usually known by his initials CZ, has said that he expects the price to grow as the industry continues to grow. Tom Lee, another well-known and oft-quoted Bitcoin proponent, has said that he expects prices to rise sharply until they reach an eye-watering $150,000 and that this is the point when an Exchange Traded Fund (ETF) would be viable.

For now, however, Bitcoin is experiencing its fourth week on the bounce in the red. Unfortunately, trading volumes remain low, which suggests that there is no new money coming into the market. Furthermore, traditional asset classes have been performing well, which means that investors are less inclined to look to alternatives like Bitcoin.

Bitcoin (BTC) prices have fallen 5.33% to $7,617.28, having recovered after a fall to $7,500 earlier in the day. Ethereum (ETH) has seen significant losses, shedding 9.24% from its price to trade at $159.67. Ripple (XRP) has performed best of the top 10 coins, but it has still lost 3.65% and now costs $0.242. Bitcoin Cash (BCH) and Litecoin (LTC) have also seen significant losses, falling 8.38% and 8.43% respectively, to trade at $224.09 and $50.77.

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

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