Below $5K: Bitcoin Drops $500 on Day to Set New 2018 Low

Below $5K: Bitcoin Drops $500 on Day to Set New 2018 Low

At the time of writing, Bitcoin was down 2.62% to $5,511.2, with Bitcoin joining the broader market in a mass sell-off that led Bitcoin down from a start of a day morning high $5,659.5 to a morning low $5,496.5 before steadying. As of November 19, the market cap of Ethereum remains at $15.92 billion.

Switzerland's main stock exchange recently approved the world's first exchange traded product (ETP) tracking five major cryptocurrencies including Bitcoin [BTC], Ethereum [ETH], XRP, Bitcoin Cash [BCH] and Litecoin [LTC].

Over the past seven days, Bitcoin's value has declined by over 21 per cent, according to CoinMarketCap.

When cornered by an enraged user who implied that Kraken's decision to side with Bitcoin ABC is biased, and has shortened profits for Bitcoin Satoshi Vision users, the exchange explained that it had not initially concluded on whether or not it would support Bitcoin ABC. Its split is created to entirely overwrite the network scripts of Bitcoin ABC and increase the block size of Bitcoin Cash from 32MB to a maximum of 128MB, all of which are expected to increase network capacity and scale. "But this is from a longstanding and unwavering view that regulators and the banking system will continue to push back against the rise of virtual markets..." Mati Greenspan, a Senior Market Analyst at eToro, posted a tweet showing the firm's clients accumulating more Bitcoin since the November 14 price plummet.

Bloomberg Intelligence analyst Mike McGlone continued the argument, saying the recent market crash "was sparked by the pump for the Bitcoin Cash hard fork". That triggered stops. Everybody got concerned.

US-based exchanges Kraken and Bittrex have opted to support SV, while ABC's major proponent in the form of Bitmain co-founder Jihan Wu has publicly stated he would sell his entire 1 million token allocation of SV holdings. The conditions of the market are subpar and in the short-term, it is not likely to see a swift recovery of the crypto market above the $200 billion mark.

Thomas J. Lee, managing partner at Fundstrat Global Advisors and a long-time crypto bull, slashed his year-end price target for Bitcoin to $15,000 from $25,000.

Cardano (ADA) is now at $0.06 against the dollar, a -15.15 percent change in the last 24h.

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