Bitcoin Price Plunges to New Year Low ($4,480)

Markets Update All Eyes on Bitcoin Cash Prices Before the Pending Fork

Across the board, the market cap for cryptoassets was $168 billion on Monday, according to CoinMarketCap data.

Turmoil engulfed cryptocurrency markets again on Tuesday, with every major coin extending a rout that's rocked confidence in the nascent asset class just as US regulators try to close in on alleged fraud.

Bitcoin, as well as almost all other currencies collapsed 20-50% last weeks and there is no bottom reached. The free fall in crypto prices is pretty steep at the moment.

The price of bitcoin began tumbling Thursday when it fell below the $6,000 mark, and its slide has continued since. The world's largest cryptocurrency is breaking all crucial support levels since the last one week. Currently, the Bitcoin valuation stands at $81.2 billion. Here, a visual representation of the digital cryptocurrency bitcoin is seen alongside USA dollars in London, Dec. 7, 2017.

Overall, the value of bitcoin is down 30pc since Thanksgiving previous year and down 76.5pc from its all-time high.

Bitcoin initiated the digital avalanche when it broke through a crucial psychological barrier at $6,000 last Wednesday.

Just as the condition of Bitcoin gets worse, the altcoins space is hit even harder. "As the year has progressed volumes have fallen away and some are arguing that the adoption of cryptocurrencies has stalled".

Following the news, Ethereum plunged from its already low level of about $175 to a new depth for the year of below $130. Because of this, XRP remains the largest altcoin by market cap as it outperforms other large-cap cryptocurrencies.

On a positive note for bitcoin, Switzerland approved its first cryptocurrency exchange-traded financial (ETF) product. Since Monday, Nov. 19, XRP has lost less than 5%. At the time of writing, EOS/USD traded 9.31 percent lower at $3.7548. Ripple's XRP currency, however, held up relatively well.

Mike McGlone, an analyst at Bloomberg Intelligence, echoed King's words by saying that the recent market crash "was sparked by the pump for the Bitcoin Cash hard fork". Bitcoin alone has lost about 20% in value over the last few days.

This is related to increasing enforcement by United States and European government authorities, as well as a new "fork" that further splinters the digital currency.

The price of Bitcoin (BTC) dropped sharply earlier today, briefly dipping below US$5,000 per coin, as the brutal sell-off gripping the cryptocurrency market deepened.

Last Friday itself, issued its first civil penalties against two crypto firms for failing to registers their ICO tokens as securities. The startups were penalized after they organized token sales without registering cryptocurrencies as securities offerings.

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