[ad_1]
Digital currencies were in free fall on Wednesday, with some major red coins of over 10%.
Bitcoin, the world's largest digital currency, fell to $ 8,000 late on Tuesday and the slide has not declined. Bitcoin has plummeted to a minimum multiweek of $ 7,442.92. The rebounds were limited, with a single currency valued at $ 7,528.89, down 7.1% from US levels at the end of last Tuesday on the Kraken exchange.
The collapse of cryptocurrencies saw the total value of all currencies drop to $ 326 billion, down $ 50 billion in just 72 hours, according to Coinmarketcap.
Toro bitcoin Tom Lee of Fundstart Global Advisors is in his hands, telling CNBC that institutional investors are just waiting for a clarification of regulation before dipping their toes in the water.
Lee told CNBC that his price target for digital currency no. 1 remains at $ 25,000.
To read: Crypto crackdown: New Jersey orders 3 companies to stop offering unregistered securities
It's just a trend and the trend is lower
Bitcoin enthusiasts looking for the next line of support may be better off monitoring current levels of resistance, according to an analyst, who says we are still in a trend and that it is not higher.
"Last week's $ 9k support became $ 8k support this week, and so far it's giving every indication that $ 7k will become support next week, I hope you see the trend here," wrote Jani Ziedins in a blog post.
"It takes most of the bubbles between six and 24 months to finish the blast." If bitcoin is like most bubbles, it means the worst is still ahead of us and we should expect lower lows in the coming months. "
To read: Opinion: This is all that would be needed for bitcoin to become a worthless cryptocurrency
Shattered Altcoin
Altcoin, or digital currencies other than bitcoin, are showing heavy losses at the start of Wednesday.
Ether
ETHUSD, + 1.38%
lost 10.6% to $ 586.00, Litecoin
LTCUSD, + 7.03%
it is down 8.2% to $ 119.10 and Ripple's XRP currency
XRPUSD, + 0.63%
is down 10%, the last exchange at 59 cents.
Bitcoin money
BCHUSD, + 0.69%
is the biggest loser, currently down 12%, trading below $ 1,000 to $ 991.30. Bitcoin cash reached a minimum of $ 969.20 Wednesday, with a drop of 15.8% on the day. At this rate, Bitcoin Cash, which had increased by more than 100% in April, is on track for the third consecutive weekly loss.
The futures have concluded the day well in red. The Cboe June contract
United States: XBTM8
finished 6.6% to $ 7.647.50, while the May CME contract
United States: BTCK8
closed 7.2% to $ 7.590.
CryptoWatch: Check bitcoins and other cryptocurrency prices, performance and market capitalization, all in one unique dashboard
Provide critical information for the day of US trading. Subscribe to the free Need for Know newsletter from MarketWatch. Sign up here.
