Beijing time on November 24th, the world’s largest encryption currency after a week of pain, continue to fall on Friday, trying to find a foothold.
CoinDesk data show that the digital assets on Friday hit a low of $4119, a loss of more than 25% to 7 days. In dollar terms, the value of bitcoins approximately $1400 fall within this period of time.
This week, other encryption currency also failed to gain a foothold. According to CoinMarketCap.com data, the market value of the top position of the 28 company, not a rose on fridays. By market capitalization of the two largest XRP reboxetine currency down 6%, a week or up to 10%. Ethernet ETH currency dropped 7% within 24 hours, this week is reduced by about 30%.
CoinMarketCap data show that on Friday, the total market value of encryption currency fell to $138 billion 600 million, the lowest level since September 2017. Data show that since the peak since the market has lost about $700 billion.
Bitcoin slump began last week, when bitcoin fell below $6000, the lowest this year. Before bitcoin plummeted, bitcoin has experienced several months of surprisingly calm, and a breakthrough in the annual trading time remaining in turmoil. Since then, bitcoin prices have hit a 13 month low, difficult to break through the range of $4300.
Bitcoin prices and Thanksgiving last year in stark contrast, at that time, due to the influx of new retail investors, bitcoin is entering an upsurge. Since the last holiday week, bitcoin prices fell by more than 55%.
Some analysts will bifurcate bitcoin below $6000 initially attributed to bitcoin cash in “”. This digital currency in the 11 month split into two versions, transfer the so-called “hash ability”, some people say that this ability dragged down the broader market encryption. BKAM CEO Brian Kelly (Brian Kelly) said that the two sides seem to fund the mining business, in order to win the battle”.
For some traders, $6000 may be a key point of exit. Bitcoin below $6000 may lead to “stop”, which may exacerbate the sell-off. With bitcoin continues to hit lower lows, the support is broken.
Regulators also brought pressure to suppress prices.
The United States Securities and Exchange Commission (SEC) announced last week that it would impose civil penalties for encryption currency founder, which is part of the industry wide fraud and abuse supervision and legal fight.
Earlier this week, Bloomberg News reported that U.S. regulators are investigating whether bitcoin last year’s record breaking up is the result of market manipulation. The reported quoted three sources, the U.S. Justice Department is investigating whether traders use Tether to support bitcoin. Tether is a controversial encryption currency, its founders say each Tether issue corresponds to $1 currency reserves.
Bitcoin this week also may be affected by the decline in other global markets.
Fundstrat Global Advisors co-founder Tom Lee (Tom Lee) said this week: “markets around the world are very fragile, and the panic mood is playing a disproportionate role. Does this mean that bitcoin has collapsed? No But in the short term, the panic is panic.”