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Cryptocurrency prices fell sharply on Friday, as another bout of selling took digital currencies to fresh lows.
Bitcoin,
BTCUSD, -10.79%
the world's No. 1 digital currency, crashed through support at $ 3,500, falling more than 10% to 15-month low at $ 3,230 on the Kraken exchange. A minor bounce has a single bitc, oin currently fetching $ 3265.00, down 9.3% since 5p.m. Thursday.
The price of the bitcoin has crippled on the back of this and the price can not only drop below the $ 2K mark, but with this kind of momentum behind it, the price can test the 1500 level, "said Naeem Aslam, chief market analysts at Think Markets UK in a research note. "Simply put, the bad news keeps coming just like cockroaches coming out of a hole."
But Aslam said the rout has to stop somewhere, which presents a golden opportunity for crypto believers. "This is a crypto market which has the ability to blow your mind and the downside is limited to the price.
Bitcoin has now fallen 84% from its all-time high above $ 19,000.
Read: Opinion: Bitcoin is close to becoming worthless
Altcoin collapse sees Ether trade below $ 100
Altcoins, or digital coins other than bitcoins, have not fared any better. Ether,
ETHUSD, -13.43%
tumbled to a 19-month low at $ 82.44, down 13.2%, Litecoin
LTCUSD, -19.73%
was off 16.8% at $ 23.25, XRP,
XRPUSD, -10.60%
was down 10% at 29 cents and Bitcoin Cash
BCHUSD, -12.87%
made another record low, trading under $ 100 to $ 97.70, down 12.7%.
Read: UnitedCorp files suit against Bitmain, Roger Ver, Kraken and others over alleged manipulation during Bitcoin Cash hard fork
The crypto-wide selloff shed a further $ 10 billion off the market value of all cryptocurrencies, which is at a 15-month low of $ 106 billion, according to data from CoinMarketCap.
Bitcoin futures are tracking spot prices lower on Friday. The Cboe Global Markets December contract
XBTZ8, -11.64%
is off 9.4% at $ 3,250 and the CME Group December contract
BTCZ8, -11.94%
is down 11.4% at $ 3,190.
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