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Bitcoin Plummets Under $6,000 To a New Low For the Year (cnbc.com)

Posted by msmash on from the meanwhile-in-crypto-world dept.

Bitcoin's moment of relative stability ended abruptly Wednesday. The world's largest cryptocurrency hit its lowest level of the year, falling as much as 9 percent to a low of $5,640.36, according to CoinDesk. From a report: Bitcoin had been trading comfortably around the $6,400 range for the majority of the fall, a stark contrast from its volatile trading year. Other cryptocurrencies fared even worse on Wednesday. Ether fell as much as 13 percent while XRP, the third largest cryptocurrency by market capitalization, dropped 15 percent, according to CoinMarketCap.com. The rout is likely being spurred by uncertainty around bitcoin cash, according to founder and CEO of BKCM, Brian Kelly.

3 of 132 comments (clear)

  1. Funny bitcoin names by Anonymous Coward · · Score: 3, Interesting

    Buttcoins
    Dunning krugerrand
    Autism kroners
    Currency of the future

  2. Sold my house and bought at $19K by Anonymous Coward · · Score: 2, Interesting

    I was told that this time it was different and the average joe would win :(

  3. Not Bitcoin Cash by Artem+S.+Tashkinov · · Score: 4, Interesting

    Most likely BCH has nothing to do with this crash - it has anemic trading and exchange volumes vs. Bitcoin/Ethereum/Ripple and this altcoin alone couldn't have caused the crash. The truth is very few know what really happened but they remain silent. This might be tangentially related but only tangentially. Another possibility is that someone(s) has dumped a lot of crypto-currency on to the market and there's only enough money to keep the exchange rate.