Bitcoin Obliterates $4000 Support Level; Market Loses Another $18 Billion, Altcoins Reeling ๐จ This article is 6 years old...
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Bitcoin Obliterates $4000 Support Level; Market Loses Another $18 Billion, Altcoins Reeling
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Updated: Nov. 7, 2019 at 2:53 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Within the last 24 hours, Bitcoin has once again made a dive through a historic price support after dropping 14 percent, puncturing its $4000 support-level and settling at a yearly low of $3800.
In the last ten days, BTC has taken a beating, bringing down most of the market. Having experienced its third major drop in the last 10 days, Bitcoin holders have now experienced losses of over $2600 per coin; a 24-hour loss of 12 percent, and a 10-day cumulative loss of 40 percent. Moreover, the overall market downturn reflects Bitcoinโs price.
State of Altcoins
Other popular altcoins, including Ethereum (ETH) and Litecoin (LTC), are at their all-time lows of 2018 at $111 and $29, respectively.
Other cryptocurrencies in the top 10, including Bitcoin Cash (BCH), EOS (EOS), Stellar (XLM), and other altcoins are down 10-15 percent across the board. This time around, Rippleโs XRP coin has followed the market trend. The crypto has so far lost 12 percent, rather than holding steady, as seen in other market drops. Factom has again defied the market with gains of 5 percent.
The biggest losers this dip include MonaCoin, Mithril, and WaltonChain, with losses between 20 and 30 percent. Of the top 20, Stellar and Zcash have experienced the largest drops with losses of 17 and 16 percent.
What Caused the Drop
Analysts have attributed the drop to several different factors. The drop may have been fueled by the discovery of price manipulation by stable coin issuer Tether. Researchers found that the company may have been printing USD Tether (USDT), a cryptocurrency allegedly backed by 1 USD per coin, without any backing at all.
These actions were reportedly done in conjunction with the major crypto exchange Bitfinex in an attempt to drive up market prices. The incident came to a head when the U.S. Justice Department launched an investigation.
Another possible explanation for the downturn is the SECโs increasing scrutiny of the market. The Commission issued its first judgments on two ICOs, cracking down on Paragon Coin and AirToken.
These judgments were issued shortly after the founder of the decentralized exchange EtherDelta, Zachary Coburn, was penalized for illegally operating a securities exchange.
These actions may indicate that the SEC is willing to drop the hammer on projects in the future, spooking the market and investors.
One final reason could be the factional dispute within Bitcoin Cash. BCH figureheads Roger Ver and Craig Wright have openly brawled over the future of the cryptocurrency, without resolution. Lack of consensus between the two factions caused the coin to fork, splitting the Bitcoin Cash community. The incident could serve as a harbinger for Bitcoinโs fate at the hands of its own mining cartels, further undermining investor confidence.
Or, perhaps, it might be none of the above. The market could be correcting itself after seeing celestial highs in early 2018, returning to levels consistent with the nascent state of the technology. Whatever the reason, it seems that market matadors are prepared to deliver a coup de grรขce to market bulls.
Bitcoin Market Data
At the time of press 2:53 am UTC on Nov. 7, 2019, Bitcoin is ranked #1 by market cap and the price is down 14.17% over the past 24 hours. Bitcoin has a market capitalization of $65.31 billion with a 24-hour trading volume of $4.81 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 2:53 am UTC on Nov. 7, 2019, the total crypto market is valued at at $120.26 billion with a 24-hour volume of $14.35 billion. Bitcoin dominance is currently at 54.31%. Learn more about the crypto market ›
Mentioned in this article
Ethereum 
Litecoin 
Bitcoin Cash 
EOS 
Stellar 
XRP 
Factom 
MonaCoin 
Mithril 
Waltonchain 
Zcash 
Paragon 
Ripple Posted In: Bitcoin, Price Watch
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In this article
Ethereum
$3,294.31
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Litecoin
$88.3284
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Bitcoin Cash
$475.446
Bitcoin Cash (BCH) is a cryptocurrency created via a fork of the Bitcoin network.
EOS
$0.67362
EOS is a blockchain protocol that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications..
Stellar
$0.28989
Stellar is a multi-currency payment backend that tens of thousands of people use every day.
XRP
$1.42172
Theย XRP Ledgerย is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Factom
$0.69208
Factom is a practical blockchain solution for those seeking a collaborative platform to preserve, ensure and validate digital assets..
MonaCoin
$0.29304
MonaCoin is a decentralized and open-source cryptocurrency that offers both private and transparent transaction types..
Waltonchain
$0.02124
Waltonchain is a genuine, trustworthy and traceable business ecosystem with complete data sharing and absolute information transparency..
Zcash
$44.1750
Zcash is a decentralized and open-source cryptocurrency that offers privacy and selective transparency of transactions using advanced cryptography.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.