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

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

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.

Find articles by writer

  • Aaran Fronda
    London
  • Angela Teng
    Singapore
  • Anzél Killian
    Johannesburg
  • Becca Cattlin
    London
  • Callum Cliffe
    London
  • Chris Beauchamp
    London
  • Daniel Dubrovsky
    San Francisco
  • James Stanley
    New York City
  • Jeremy Naylor
    London
  • Jingyi Pan
    Singapore
  • Joshua Mahony
    London
  • Joshua Warner
    London
  • Justin McQueen
    London
  • Kyle Rodda
    Australia
  • Martin Essex
    London
  • Michael Boutros
    New York City
  • Monte Safieddine
    Dubai
  • Nick Cawley
    London
  • Paul Robinson
    New York
  • Rich Dvorak
    Chicago
  • Sam Dickens
    London
  • Shane Walton
    Australia
  • Shaun Murison
    Johannesburg
  • Ted Jackson
    Chicago
  • Victoria Scholar
    London
  • Will Hall-Smith
    London
window.$CQ = window.jQuery; window.IG = window.IG || {}; window.IG.cq = window.IG.cq || {};

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

{"@context":"http://schema.org","@type":"NewsArticle","mainEntityOfPage":"https://www.ig.com/uk/news-and-trade-ideas/other-news/bitcoin-news--bitcoin-plunges-12--amid-crypto-sell-off-181127","headline":"Bitcoin news: Bitcoin plunges 12% amid crypto sell-off","image":{"@type":"ImageObject","url":"https://a.c-dn.net/c/content/igcom/en_GB/ig-financial-markets/market-news-and-analysis/other/2018/11/27/bitcoin-news--bitcoin-plunges-12--amid-crypto-sell-off/jcr:content/textimage/image.img.jpg/1543383001914.jpg","height":250,"width":350},"publisher":{"@type":"Organization","name":"IG","logo":{"@type":"ImageObject","url":"https://a.c-dn.net/c/etc/designs/onedomain/images/IG-60x60.png","height":60,"width":60}},"datePublished":"2018-11-27T00:19:00+0000","dateModified":"2018-11-27T00:19:00+0000","author":{"@type":"Person","name":"Zena Chamas"},"description":"Bitcoin sunk as much as 12% on Tuesday, after extensive falls earlier in the month.","isAccessibleForFree":"True"} if(document.cookie.indexOf('userGdprLevel={"userLevel":"1"')>0){window["optimizely"]=window["optimizely"]||[];window.optimizely.push(["skipPageTracking"]);window["optimizely"].push(["optOutThirdPartyCookies"])}