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.

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IG Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.

Find articles by writer