Cryptocurrency prices fell sharply on Friday, as another bout of selling took digital currencies to fresh lows.
Â the worldâs No. 1 digital currency, crashed through support at $3,500, falling more than 10% to a 15-month low at $3,230 on the Kraken exchange. A minor bounce has a single bitc,oin currently fetching $3265.00, down 9.3% since 5 p.m. Thursday.
âThe price of bitcoin has crippled on the back of this and I think it is likely that the price may not only drop below the $2K mark, but with this kind of momentum behind it, the price can test the 1500 level,â said Naeem Aslam, chief market analysts at Think Markets U.K. in a research note. âSimply put, the bad news keeps coming just like cockroaches coming out of a hole.â
But Aslam said the rout has to stop somewhere, which presents a golden opportunity for crypto believers. âThis is a crypto market which has the ability to blow your mind and the downside is limited and the price at its current level represents an opportunity of a lifetime,â he said.
Bitcoin has now fallen 84% from its all-time high above $19,000.
Altcoin collapse sees Ether trade below $100
Altcoins, or digital coins other than bitcoin, haven’t fared any better. Ether,
tumbled to a 19-month low at $82.44, down 13.2%, Litecoin
was off 16.8% at $23.25, XRP,
was down 10% at 29 cents and Bitcoin Cash
made another record low, trading under $100 to $97,70, down 12.7%.
The crypto-wide selloff shed a further $10 billion off the market value of all cryptocurrencies, which is at a 15-month low of $106 billion, according to data from CoinMarketCap.
Bitcoin futures traded spot prices lower on Friday. The Cboe Global Markets December contract
ended down 8.5% at $3,282.50 and the CME Group December contract
Â finished Friday down 8.3% at $3,300.
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