Bitcoin (BTC) Falls 8%,14-Month Lows In Sight Again

Bitcoin (BTC) Falls 8%,14-Month Lows In Sight Again

Bitcoin (BTC) Falls 8%,14-Month Lows In Sight Again

$BTCUSD

The major cryptocurrencies traded lower Monday, unable to capitalize on last week’s rebound off multi-month lows.

Bitcoin (BTCUSD, the world’s largest cryptocurrency, has fallen as much as 8% and is nearing last week’s multi-month low around $3,500.

On the Kraken cryptocurrency exchange, a Bitcoin was fetching $3,822.50, down 8.1%, since Sunday’s mark at 5:00p EST.

Currently, Bitcoin is trading at:  3,891.88,+20.47, or +0.5287%, as of 1:43a GMT, the market is open

Crypto-exchange founder says Bitcoin’s fall is nothing to worry about

Danny Scott, the CEO and co-founder of CoinCorner, an Isle of Man-based cryptocurrency exchange, said the selloff in Bitcoin is something he has witnessed many times over, and therefore it is not of major concern. “If we look back over bitcoin’s short 10-year history, it has experienced many price fluctuations — something that is to be expected given that the industry is still very young,” he wrote.

“There have been a number of sizable price movements over the years which have typically gone unnoticed by anyone except those within the industry. For example, in 2013 we saw the price drop 49.88% in just 14 days, which is a bigger drop than the one we have experienced over these last 2 weeks.”

After finishing last week significantly lower the altcoins, or coins other than Bitcoin, have extended losses into Monday session.

  • Ether ETHUSD is down 8.6% at $106.42
  • Litecoin LTCUSD, -0.10% has fallen 10.2% to $30.49,
  • XRPXRPUSD, +0.08% has slid 6.6% to 34 cents, and
  • Bitcoin cash BCHUSD, -0.44% is off 10.9% at $155.10.

The Altcoin under-performance has dragged Bitcoin’s share of the total market for all cryptocurrencies to 53.7%, up from 37.8% since the beginning of Y 2018, according to data from CoinMarketCap.

Bitcoin futures finished Monday lower too

The Cboe Global Markets (NASDAQ:CBOE) December contract XBTZ8  ended down 3.4% to $3,802.50, and the CME Group (NASDAQ:CME) December contract BTCZ8, +0.92%  closed Monday’s session down 3.2% to $3,800

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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