Bitcoin Falls to Lowest Weekly Level, ETH Drops Below $100

Following a period of general weakness in the cryptocurrency markets over the past several days, Bitcoin has fallen down to its previously established 2018 lows, leading many altcoins to plummet.

Despite the current bloodbath in the crypto markets, one analyst believes that cryptocurrencies will become an investment safe haven as the equity markets face growing instability.

At the time of writing, Bitcoin is trading down 4.5% at its current price of $3,650, just a hair above its 2018 low of approximately $3,600. Because this price level proved to be a support level when it was first touched in late-November, it will be interesting to see how Bitcoin’s price responds to this region over the coming hours.

Related Reading: Study: Pump and Dump Schemes have Negligible Effect on Crypto Markets

Bitcoin Instability Leads to Altcoin Market Bloodbath 

Bitcoin’s current price action has caused the altcoin markets to take a major hit, with multiple cryptos trading down 10% or more.


Read Full Story : NewsBTC

2018-12-06 18:30:43

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