Bitcoin freefall continues, plunges to lowest this year; key things to know

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Published: November 21, 2018 5:21:37 PM

Bitcoin price fell heavily in the past 48 hours falling to $4,076.59, lowest in last 13 months. Bitcoin was trading at $4,553.56 at the time of publication.

The digital currency lost nearly 16 percent of the total value in the last one day. (Representational photo: Reuters)

Bitcoin price fell heavily in the past 48 hours falling to $4,076.59, lowest in last 13 months. Bitcoin was trading at $4,553.56 at the time of publication. Even as other cryptocurrencies such as ethereum, ripple, and litecoin have been highly volatile in the past week, and bitcoin has fallen to its 1-year low. The price of Bitcoin is down 34 percent over last month from $6,400 and the virtual currency has plunged nearly 47 percent of its last year’s recorded value of $8,200.

The digital currency lost nearly 16 percent of the total value in the last one day, CoinmarketCap data said. However, the virtual currency recouped the losses to hit a high of $4,773.20.

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“We’d been waiting for a break-out,” Reuters reported citing Mati Greenspan, senior market analyst at eToro. “When you have the price moving so steadily you had lots of stop-loss orders building up – and now you are seeing them being liquidated,” he added.

Keeping in line with Bitcoin, Ripple’s XRP and Ethereum’s ether, also fell as much as 14 and 16 percent respectively before recouping losses in US trading hours. The fall of cryptocurrency coincided with broader drops in financial markets. European shares plunged as poor retail results and weakness in Apple Inc dragged down Wall Street.

Bitcoin has fallen more than 75 percent in 2018 from a peak of $20,000 touched in the month of December as retail investors piled into a one of the largest bubbles in history.

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