Nobody Panic! Bitcoin Bear Market Prompts Reassurance From Crypto Pundits

Markets Update All Eyes on Bitcoin Cash Prices Before the Pending Fork

The top 10 cryptocurrencies on Nov. 10 2018 at 10:00 a.m. EST

As the dust settled a day after the Bloomberg Galaxy Crypto Index's 15 per cent tumble, speculation over its causes includes today's debut of the new version of bitcoin cash.

The move marks bitcoin's lowest value since October previous year, and is now down more than 70 per cent since the height of the cryptocurrency bubble in December 2017.

As of press time, Bitcoin Cash ABC is trading at $230 while SV is trading at $86.05 according to CoinMarketCap data. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Bitcoin Cash ABC [IOU] using one of the aforementioned exchanges. Ripple's XRP currency, however, held up relatively well. Bitcoin Cash is falling like deadweight in the air, besides it is believed to have been the trigger to the selloff in the market.

However, the latest drops are being blamed on a "hard fork". That sounds like a more than decent figure for the whole blockchain business, but we're still looking at tremendous losses compared to the almost $770 billion market cap from early January.

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Analysts point the finger for the price drop in several directions, including a recent U.S. Securities and Commission initial coin offering settlement. And in the murky world of semi-regulated crypto markets, catalysts for the sharp price volatility can be hard to pinpoint.

The second and third-largest cryptocurrencies, XRP and ether, were trading at US$0.4451 and US$133 respectively on the Luxembourg-based Bitstamp exchange.

Bitcoin Cash has a max supply of 17,466,775 coins.

As the crypto market hits rock bottom once again, some still see opportunities in the space.

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Bitcoin [BTC], the first-ever cryptocurrency which led to the birth of all the other cryptocurrencies, has been facing the wrath of the bear since the past week.

"The selloff is related to enforcement, which is nearly certainly underway", said Justin Litchfield, chief technology officer at ProChain Capital. Airfox and Paragon Coin Inc. will each have to pay $250,000 in penalties to compensate investors, and will also have to register their digital tokens as securities. "Projects are being made to return investor money, which, after having spent a tonne of money marketing their US$100 million ICO on a lavish party-filled roadshow that was the norm for this vintage of ICOs, will be tough".

"Price tells us the trend has been bearish since crypto's parabolic move and top in 2017.

A lot of people have lost interest", analyst Fawad Razaqzada said. Bitcoin could well climb back towards $6,000.00, when it does, the rest of the markets should continue. "Once we broke that $6,000, we pierced $5,000, but this is what Bitcoin is all about".

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