Bitcoin falls below $5,000 for 1st time since 2017

Bitcoin Cash Hard Fork

"First, is the uncertainty surrounding the Bitcoin Cash hard fork". For the first time this year, Ethereum market cap has slipped below $15 billion.

Some of the losses since Wednesday have also been linked to a warning from the accounting group KPMG last week about the dangers of viewing bitcoin as a real currency. Meanwhile, Ethereum is down 87pc from its all-time high, according to cryptocurrency news site CCN. We have warned over the past weeks that the cryptocurrency market has been displaying classic breakout potential with a once volatile asset trapped in ultra-tight trading ranges on very low volume.

The tumble that bitcoin suffered helped drag other altcoins down too, with Ethereum falling to $152, representing a 10% decline and the lowest level the cryptocurrency has reached in the last 16 months.

In late-October and early-November, BCH's price climbed from under $420 to highs of over $630 due to the imminent hard fork event, but around this price enthusiasm died off and traders began taking profits, which pushed its price down. Though also in red, XRP has performed better than all other coins posting a 6.9 percent loss in the last 7 days compared to 18 percent for bitcoin and 29 percent for ether.

"To fulfill the requirements of "store of value", cryptocurrencies must be much more stable", the KPMG report said.

For example, digital assets such as Monero (XMR), Tron (TRX), Dash, Iota and Binance Coin (BNB) have recorded an average daily drop of around 16pc. Bitcoin Cash ABC [IOU] has a total market capitalization of $0.00 and approximately $41.60 million worth of Bitcoin Cash ABC [IOU] was traded on exchanges in the last day.

ETFs are one of the most popular trading mechanisms and the SEC's green light would give the bitcoin market a massive infusion of outside cash.

One reason for the drop could be the US Securities and Exchange Commission demanding reparations for two ICO campaigns that happened a year ago, which sets a worrying precedent for a great many businesses. "But, a gradual increase in price due to the anticipation towards Bakkt until early December remains a possibility, especially if Bakkt gains traction among investors in the regulated U.S. market", the report read.

In theory, the Bitcoin Cash schism shouldn't affect other cryptocurrencies.

The most glaring exception to this general trend of increased prices is Bitcoin Cash, which as a result of its hard fork, continue to reel under bear market ramifications and is trading now at 383.3 Dollars. If Willy Woo is to be believed, there will be a healthy level of support at $4,400.

From a technical perspective, price is now testing support from the downwards trendline around $4,600.

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