Bitcoin crashes below $5,700 as crypto market loses $15 billion in minutes

bitcoin

The crypto market is crashing. Bitcoin is down 10%. The market has lost $15 billion in an instant, with total market cap standing at $189 billion.

Bitcoin has plummeted through key support at $5,700, now trading at $5,670 on Coinbase.

The leading crypto is at a year low, last seeing these prices in November 2017.

Our prognosis earlier today that there was strong support between $6,000 and $5,800 has proven to be incorrect.

The crash follows a long period of low volatility for bitcoin.

Blame it on Bitcoin Cash mess

Bitcoin Cash is down nearly 20% at $432 as the fork wars damages the networks prospects, spreading negative sentiment to the rest of the market.

Such is the uncertainty surrounding the fork, OKex exchange is closing its futures product early and Coinbase is halting trading from tomorrow morning (8.00am Pacific).

What should have been another smooth six-monthly upgrade for BCH has descended into open warfare between . BCHABC and BCHSV, with many blaming Craig Wright for sowing discord.

Continuing with the BCH fork roadmap under current conditions could be very dangerous.

TradingView data feeds went down for some users, which may not have helped matters.

With bitcoin holdings concentrated among whales, it doesn’t take many large sellers to move the price.

Also, BTC saw a death cross with the 50 simple moving average crossing the 200 SMA two days ago

BTCUSD 30-minute live chart 15 November 2018


About the Author

Gary McFarlane
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK's second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane

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