Bitcoin (BTC) Down Another 10%, Below $3,450, Lowest Price Since August 2017

Bitcoin (BTC) Down Another 10%, Below $3,450, Lowest Price Since August 2017
Siamak Masnavi

According to data from CryptoCompare, at 03:15 UTC on Friday (7 December 2018), the Bitcoin (BTC) price set a new record low for 2018 when it reached $3,352, a price not seen since August 2017. As usual, almost all non-stable cryptocurrencies are also in the red, the main exception being Bitcoin SV.

Bitcoin (BTC) Price Below $3,450

The big sell-off in cryptocurrencies started on 14 November 2018, the day before the Bitcoin Cash hard fork was due to take place. Back then, the Bitcoin price was around $6,340 at 00:00 UTC. Since then, the Bitcoin price has dropped over 46%, as you can see in the one-month chart shown below:

BTC - One Month - 7 Dec 2018.png

At 06:10 UTC on Thursday, December 6th, before the U.S. Securities and Exchange Commission (SEC) announced (later that day) that it was postponing a decision on the VanEck-SolidX Bitcoin ETF proposal to 27 February 2019, BTC was trading at $3,861. At press time, 24 hours later, BTC is trading at $3,420, down 11.4%. 

BTC - One Day - 7 Dec 2018.png

Since 16 December 2017 when Bitcoin reached its all-time high of $19,345, it has lost over 82% of its value.

Most Major Altcoins Suffering Heavy Losses, With EOS Leading the Way

At press time, in the past 24-hour period, XRP is at $0.3104 (down 9%), Ether is at $88.61 (down 13.80%), Stellar is at 0.1143 (down 15%), EOS is at $1.78 (down 20.54%), TRON is at $0.0131 (down 9.62%), and Cardano is at $0.0300 (down 13.14%).

Bitcoin SV up More Than 15%

Perhaps, the only gainer among the top 50 cryptocurrencies (by market cap) is Bitcoin SV, which at press time is trading at $105.27, up 15.18% in the past 24-hour period.

Featured Image Credit: Photo via Pexels.com