More red ink, as the crypto year looks to be ending on a further low…
Any cryptocurrency investors hoping for a bit of peace and quiet at the end of December have not had that wish granted. After markets had slowly recovered during the quieter Christmas period, with traders back working today, so the prices have taken another tumble. Bitcoin looks to be ending the year at this rate on another low. But even more eye-opening at the minute has been another double digit fall in the price of Bitcoin Cash.
At the time of writing, BCH is sitting at a price of $146.84, some 16% down in the past 24 hours. The Bitcoin SV variant isn’t doing any better, either, with its price falling to just over $85, itself some 11% down.
The board is pretty much red, with heavy falls too for Ethereum, EOS and Ripple. But Bitcoin Cash is having the toughest time of it, and the damage done by November’s hash war continues to have ripples in the marketplace. It’d be fair to conclude that the last eight to ten weeks in the cryptocurrency market have done some significant damage to confidence, and even small price recoveries are increasingly being followed by a further fall. Stability is in very short supply.
Just prior to the hard fork in Bitcoin Cash back in November, the currency was trading north of $500. As the calendar passes into 2019, it’ll do well now to edge back above $150 and – crucially – show some signs of holding that position. Tough times.