Menu
Real Time Cryptocurrency News & Analysis

Bitcoin price (BTC/USD) falls to 13-month low below $5,000

Share this article!

The Bitcoin price (BTC/USD) has dropped below the $5,000 for the first time in over a year amid a continued crypto sell-off.

After a relatively quiet weekend, the original cryptocurrency yesterday saw a continuation of the bearish trend that had caused its price to drop below $6,000 last week. The coin spent the Monday session on a downward trajectory, which eventually led to its first drop below the $5,000 mark since October 12, 2017. The digital coin finished the session at $4,871.49, well below its opening level of $5,620.78.

The digital coin has seen further losses in today’s trading. It fell to around $4,397 earlier in the session, which was is lowest level since October 7. At the time of writing, the Bitcoin price was hovering around $4,500, having experienced a slight rebound.

According to CNBC, some analysts have attributed the latest plunge to technical levels and stop orders in the market kicking in following the coin’s drop below $6,000.

“The next logical level of support is at $5,000 but if that doesn’t hold, the next logical support level isn’t until $3,500,” eToro analyst Mati Greenspan said in a client note on Monday, as quoted by CNBC. “With all the falling prices lately, this definitely fits the definition of a buyers market.”

Others have opined that the recent Bitcoin Cash hard fork that split BCH protocol in two has had a destabilising effect on the wider crypto market. In addition, the US Securities and Exchange Commission’s (SEC) ruled on Friday that two ICO start-ups, CarrierEQ and Paragon Coin, were to register their tokens as securities refund investors, pay penalties of $250,000 and file periodic reports to the SEC. According to Kyle Asman, partner and co-founder of crypto advisory firm BX3 Capital, that move “spooked a lot of people”.

In today’s trading, the Bitcoin price stood at $4,492.32, as of 09:45 GMT. The digital coin has lost 15.7% of its value in the past 24 hours.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

Add Comment

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.