Bitcoin news: Bitcoin plunges 12% amid crypto sell-off

Bitcoin sunk as much as 12% on Tuesday, after extensive falls earlier in the month.

Bitcoin falls 12%
Source: Bloomberg

November hasn’t been the best month for cryptocurrencies, after a significant drop last week, enthusiasts were hoping for a crypto recovery.

However, experts say the drop is also due to a broad-based selloff in digital currencies, exacerbated by several factors.

The downtrend could be a result of many things, with experts factoring in increased US regulatory scrutiny and further delay of the launch of bitcoin futures by Intercontinental Exchange’s crypt platform, Bakkt.

It’s also predicted the selloff was influenced by the US Securities and Exchange Commission investigations into crypto.

Bitcoin Price

Bitcoin fell as low as $3,519.94 on the Bitstamp platform, following a 14-month low.

The digital coin has lost 74% of its value this year, after facing the worst fall for Bitcoin in December 2017, hitting nearly $20,000.

Ethereum, Ripple and the Crypto market

The fall continued with Ethereum’s ether dropping 7% at $106.69, and Ripple’s XRP fell 5.6% to 34 US cents.

There’s debate among experts whether this could be the beginning of the end for cryptocurrencies, with some analysts looking at the situation with a positive outlook, saying it could be the perfect opportunity to take advantage of volatility in the market.

However, mainstream investors have steered clear of Bitcoin in response to the drop, seeing extending falls in recent weeks has created concerns over frequent swings in price.

Experts suggest that because Bitcoin is only 10 years old and has already seen massive falls of 92% back in 2011, and 85% in 2015, this year could be the worst for the coin with $700 billion in market cap knocked off the crypto market.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen. 79% van de retailbeleggers lijdt verlies op de handel in CFD’s met deze aanbieder.
Het is belangrijk dat u goed begrijpt hoe CFD's werken en dat u nagaat of u zich het hoge risico op verlies kunt permitteren.
CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen.