RATE Group | Bitcoin Price Sinks to New Yearly Low as Sell-Off Batters Crypto Markets
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Bitcoin Price Sinks to New Yearly Low as Sell-Off Batters Crypto Markets

15 Nov Bitcoin Price Sinks to New Yearly Low as Sell-Off Batters Crypto Markets

Posted at 02:28h in Bitcoin News by

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bitcoin price collapse



The crypto market’s extended stable action took its last breath on Wednesday as the bitcoin price dipped to a new yearly low at 5280-fiat.

The BTC/USD index fell more than 12 percent ahead of the US trading session, now trading at 5439-fiat on Coinbase. The pair was trading comfortably inside a narrow trading range since September, leading many to believe that it had established a bottom around 6000-fiat. The latest selling action brought BTC/USD to its weakest mark since October 2017.

The bitcoin flash-crash cannot be fit inside the box of technicalities and must have a strong fundamental reason behind it. This kind of price action generally appears when exchanges trade unrealistically, or some kind of regulatory action takes place. It will take a while for the market to understand the real catalysts behind the ongoing breakdown action.

Meanwhile, the US dollar continues to stay near its 16-month peak level. The greenback is benefiting from…

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