Bitcoin On a Free Fall, Lossess Over $4000 Today - CALIPHATE MEDIA

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Friday, 22 December 2017

Bitcoin On a Free Fall, Lossess Over $4000 Today



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 LONDON,Dec 22 (Caliphatemedia): Over 24 hours bitcoin has plunged 28 per cent, with the price in free-fall this afternoon after temporarily finding support around $US13,000 this morning.


The world’s largest cryptocurrency sank as much as 28 percent, briefly trading below $13,000, as this week’s selloff entered a fourth day with increasing momentum.
In nominal terms the latest correction in the bitcoin bull market rally is more than double previous falls, which means much greater nominal cash losses for those late to the speculative frenzy.
Bitcoin peaked at $US19,666 four days ago, but it has entered a fully fledged bear-market correction with a $US4000 loss alone today after crashing through technical support levels.

Read Also: NIGERIA: BITCOIN IS NOT A LEGAL TENDER IN NIGERIA

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The sell-off has accelerated as the short-lived price premium seen in bitcoin futures tumbled, leaving the CME futures price in line with the bitcoin spot price.
Investors are facing a “reality check,” said Stephen Innes, the head of trading for Asia Pacific at Oanda Corp. “A frenzied demand for coins with limited supply has now led to unsophisticated investors holding the bag at the top.”

THIS IS WHY BITCOIN WENT DOWN TODAY

Signs of panic set in today amid numerous reports of people struggling to sell their cryptocurrency holdings on exchanges where transaction volume levels are nowhere near those on equity market exchanges.
According Peter Brandt a financial analyst, he said “bubble has been popped” after the bitcoin price broke below the the steep trend-line in place since December 13.

You can Also Read:BLOGGERS&SOCIAL MEDIA INFLUENCERS WILL SOON BE GETTING PAYMENT IN CRYPTOCURRENCY

The fastest growing bubble in history began faltering this week with heavy selling in Asian time following news five South Korean exchanges had been hacked.


WILL IT FALL FURTHER ?
 Support was expected around $US13,000, and if that level broke it could fall to $US8000 and if the panic, continuous sales pressure and the insecurity continues, we might see more downward movement.

NOT ONLY BITCOIN, OTHER DIGITAL CURRENCIES ARE AFFECTED

Most other cryptocurrencies have also fallen, with etherium down almost 19 per cent as broad selling set-in ahead of the Christmas long weekend when making hard currency payments for cryptocurrencies will be difficult.

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