Monday, November 19, 2018 10:13:41 AM
Gee, I'm just shocked !! 
Bitcoin battered further, nearing important support at $5,000
MARKETWATCH 10:11 AM ET 11/19/2018
$1,000 more likely that $10,000, says head of trading at Oanda
Bitcoin prices have tumbled further on Monday, reaching their lowest level since October 2017.
Coming off a week that saw the world's largest digital currency plummet through $6,000, bitcoin prices have shed another 8% on Monday, with a single bitcoin last fetching $5,111.40, down 7.9% since Sunday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange. Bitcoin had reached an intraday low of $5,056.30, down 8.8% on the day.
The broad-based selloff in digital assets has seen the total value of all cryptocurrencies fall to $168 billion, down more than $650 billion from its peak in January 2018.
Read:Why bitcoin prices are staging a fresh collapse (http://www.marketwatch.com/story/why-bitcoin-prices-are-staging- a-fresh-collapse-2018-11-15)
With bitcoin now down more than 60% year-to-date and more than 70% since its all-time high, Stephen Innes, head of Asia Pacific trading at Oanda believes further regulatory hurdles will push bitcoin below the next psychological level at $5,000, with further declines likely. "The digital token fell as much as 6.3% to $5,202, having plunged through a critical resistance level Wednesday after a period of relative tranquility," he wrote.
"I remain incredibly bearish on BTC with the $1,000 level looking as likely as $10,000. But this is from a longstanding and unwavering view that regulators and the banking system will continue to push back against the rise of virtual markets, and will undoubtedly burst crypto's balloon as the $5,000 cliff edge is approaching fast."
Bitcoin's decline from its peak marks the fifth biggest drawdown since 2010, according to Charlie Bilello, director of research at Pension Partners.
(
Read:SEC settles charges with two ICOs that opens the door to nonfraudulent cases (http://www.marketwatch.com/story/ sec-settles-charges-with-two-icos-that-opens-the-door-to-nonfraudulent-cases-2018-11-16)
Altcoin massacre continues
Altcoins, the collective group of coins other than bitcoin, have tumbled to multimonth lows on Monday. Ether, the second-largest digital currency is trading at a 16-month low of $153.30, down 12%. Litecoinwas down 11.3% at $37.00, Bitcoin Cash had shed 20.7% and XRP,, was down 4.4% at 48 cents.
Bitcoin futures followed suit on Monday. The Cboe Global Markets December contract was down 6.6% at $5,060 and the CME Group November contract was down 7.3% at $5,055.
Read:Opinion: Bitcoin still fooling buyers into believing those 200%-plus gains are coming back (http:// www.marketwatch.com/story/bitcoin-still-fooling-buyers-into-believing-those-200-plus-gains-are-coming-back-2018-11-16)
-Aaron Hankin; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
11-19-181011ET
Copyright (c) 2018 Dow Jones & Company, Inc.
Bitcoin battered further, nearing important support at $5,000
MARKETWATCH 10:11 AM ET 11/19/2018
$1,000 more likely that $10,000, says head of trading at Oanda
Bitcoin prices have tumbled further on Monday, reaching their lowest level since October 2017.
Coming off a week that saw the world's largest digital currency plummet through $6,000, bitcoin prices have shed another 8% on Monday, with a single bitcoin last fetching $5,111.40, down 7.9% since Sunday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange. Bitcoin had reached an intraday low of $5,056.30, down 8.8% on the day.
The broad-based selloff in digital assets has seen the total value of all cryptocurrencies fall to $168 billion, down more than $650 billion from its peak in January 2018.
Read:Why bitcoin prices are staging a fresh collapse (http://www.marketwatch.com/story/why-bitcoin-prices-are-staging- a-fresh-collapse-2018-11-15)
With bitcoin now down more than 60% year-to-date and more than 70% since its all-time high, Stephen Innes, head of Asia Pacific trading at Oanda believes further regulatory hurdles will push bitcoin below the next psychological level at $5,000, with further declines likely. "The digital token fell as much as 6.3% to $5,202, having plunged through a critical resistance level Wednesday after a period of relative tranquility," he wrote.
"I remain incredibly bearish on BTC with the $1,000 level looking as likely as $10,000. But this is from a longstanding and unwavering view that regulators and the banking system will continue to push back against the rise of virtual markets, and will undoubtedly burst crypto's balloon as the $5,000 cliff edge is approaching fast."
Bitcoin's decline from its peak marks the fifth biggest drawdown since 2010, according to Charlie Bilello, director of research at Pension Partners.
(
)Bitcoin Correction Update: -74% from its peak last December. $BTC.X pic.twitter.com/1sSbDPJm5c
— Charlie Bilello (@charliebilello) November 19, 2018
Read:SEC settles charges with two ICOs that opens the door to nonfraudulent cases (http://www.marketwatch.com/story/ sec-settles-charges-with-two-icos-that-opens-the-door-to-nonfraudulent-cases-2018-11-16)
Altcoin massacre continues
Altcoins, the collective group of coins other than bitcoin, have tumbled to multimonth lows on Monday. Ether, the second-largest digital currency is trading at a 16-month low of $153.30, down 12%. Litecoinwas down 11.3% at $37.00, Bitcoin Cash had shed 20.7% and XRP,, was down 4.4% at 48 cents.
Bitcoin futures followed suit on Monday. The Cboe Global Markets December contract was down 6.6% at $5,060 and the CME Group November contract was down 7.3% at $5,055.
Read:Opinion: Bitcoin still fooling buyers into believing those 200%-plus gains are coming back (http:// www.marketwatch.com/story/bitcoin-still-fooling-buyers-into-believing-those-200-plus-gains-are-coming-back-2018-11-16)
-Aaron Hankin; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
11-19-181011ET
Copyright (c) 2018 Dow Jones & Company, Inc.
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