Cryptocurrency markets hit "panic mode" when bitcoin and ethereum see huge price collapse


Bitcoin, ethereum and other major cryptocurrencies have plummeted in price, with analysts warning that the market has hit "panic mode".

Ethereum has recorded the largest decline in value of all major digital currencies, falling by almost cents in the last 24 hours to reach the lowest price in almost a year.

Massive trading volumes suggest a mass sale, with ethere trading at $ 262 at the time of writing. The bitcoin price has dropped to $ 6,043, down 7% since yesterday.

Cryptocurrency analysts have linked the latest market movements to the liquidation of funds raised through ICO (initial offers of coins), which means that companies could sell the ethereum raised through the popular fund-raising mechanism.

"The cryptographic market seems to have reached the panic mode, with prices falling significantly on all fronts.As we can see in the case of ethereum, investors seem to increase the liquidation of their ICO holdings, with significant falls in price and increase volumes, "said Matthew Newton, an analyst at the eToro online trading platform.

"This had a knock-on effect on the rest of the market [cryptocurrency] with bitcoins also falling momentarily below $ 6,000 last night. For prices poised, emotions will go up among traders, but keeping things in perspective, the bitcoin is still range-bound for now between $ 5, from 700 to $ 8,000 in line with the way it has been traded in the last few months. "

It was a bumpy ride for ethereum investors until now in 2018 ( CoinMarketCap )

Cryptocurrency investors shared their trouble stories on community forums, with some revealing the extent of their personal losses.

"I entered a crypt at the end of January", a member of the cryptocurrency forum on Reddit. "We put about $ 25,000 in total, I have gone far enough."

They went on: "I have never been very worried during the past dives, because I had a lot of confidence in the future of cryptography and technology … But the dives kept coming … My portfolio of 25k is now barely 5k, and it is not even worth it to be sold at this point I would prefer that all was lost. "

Others in the Under-Reddit said it would do most of the price collapse" buying the drop ", despite the downward trend between the markets in 2018.

"I honestly did not believe that the market alt … would have reached these levels", wrote a user. "Well, I can only think of one thing to do, time to double, or I'm winning big or going down with the ship."

Experts warn that the volatility of cryptocurrencies means that people should not invest more than they can afford to lose.

Source link