Home / Bitcoin / The bitcoin selloff has more space, says the analyst

The bitcoin selloff has more space, says the analyst

After a Thanksgiving truce, the crypto selloff began again with all the major coins traded lower on Friday and on the track to record the third consecutive weekly decline.


BTCUSD, -4.10%

the world's largest cryptocurrency, the last hand going from $ 4,259.80, down 3.8% from 17:00. Eastern Time on the Kraken crypto trades a day earlier and decreases by 23% from the start of the week.

And for an analyst, the end of the encryption is far from being in sight.

"Bitcoin is likely to move even lower after a failed attempt to break the $ 4,700 level." The regulatory environment is stifling bulls and bears are becoming savage. $ 3,800 or even $ 3,500 if the momentum continues, "wrote Naeem Aslam, chief market analyst at Think Markets UK

To read: How the bitcoin merger is devastating hedge funds

Aslam added that the widespread decline of cryptocurrencies is more worrying for Ether, the most widely distributed currency when the scrambled companies pursue an initial money supply.

"The most troubling aspect is that Ethereum could fall below 100-mark and the honest truth is that a large number of fake coins have been emptied from the system and this has made Ethereum less valuable", continued.

A single ether

ETHUSD, -7.84%

it was the last to earn $ 122.12, down 5.2% on the day. Ether is falling more than 90% from its all-time high and has not breached $ 100 on the downside since May 2017.

Elsewhere in altcoin, which are smaller coins other than bitcoin, Litecoin

LTCUSD, -4.83%

is down 4% to $ 31.79, XRP

XRPUSD, -6.56%

it is out of 5.2% to 41 cents and Bitcoin's money

BCHUSD, -9.84%

it was down 10.2% to $ 195.30.

In the futures trading, the Cboe Global Markets contract in December

XBTZ8, -3.09%

it was down 3.4% to $ 4.255 and the CME Group's November contract

BTCX8, -3.30%

it was down 3.6% to $ 4,230.

To read: Bitcoin is imploding – that's where the bulls and the bitcoin bears see it from here

Provide critical information for the day of US trading. Subscribe to the free Need for Know newsletter from MarketWatch. Sign up here.

Source link