Bitcoin Cash (BCH) 1-Day Volume Tops $974.25 Million

Gladys Abbott
November 20, 2018

Thomas J. Lee, managing partner at Fundstrat Global Advisors and a long-time crypto bull, slashed his year-end price target for Bitcoin to $15 000 from $25 000.

An afternoon rally saw Bitcoin break through the first major resistance level at $5,670.3 and second major resistance level at $5,712.3 to strike a late intraday high $5,745.6 before hitting reverse.

Across the broader market, the reversal has seen Bitcoin's dominance rise to 53.2%, with the total cryptomarket cap falling to $180.48bn.

Bitcoin, the biggest digital coin, was down 7.9 per cent as of 7:12 NY. Only Ripple and EOS provided anything approaching stability as their falls were held in single figures, although Ripple did rally a little to start showing signs of a minor recovery.

Some miners have however chose to switch their hash to Bitcoin Cash in a bid to accelerate the end of the ongoing battle between the ABC camp and the SV. As December grew closer, concerns in the market mounted and Bitcoin eventually fell victim to the bears brought about by the BCH hard fork, triggering last week's market crash.

On Monday, the US Securities and Exchange Commission (SEC) ruled that two initial coin offerings (ICOs) CarrierEQ Inc and Paragon Coin Inc were in fact securities and, according to TechCrunch, the regulator fined both companies US$250,000 each.

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Ethereum has had rough time after the crypto market crashed on Wednesday. Looking at the value of BTC at $4,500, it is evident that Bitcoin miners are operating at a loss. At the press time, XRP is trading at $0.47 with a market cap of $18 billion. At present Bitcoin Cash is trading at $219 following a 19% drop on Tuesday.

At current rates, the pair is around halfway to the "bottom" as predicted multiple times by celebrated trading guru Tone Vays, who has forecast $3000 as a target to hit before markets reversed.

"The selloff is related to enforcement, which is nearly certainly underway".

We followed up with the operators of a number of Australian-based crypto exchanges, to try and get a gauge on what's caused the big drop in price.

As such, it can be expected that a significant amount of new BCH will continue to be sold regardless of how the markets treat either token, putting increased pressure on a market that was already notably smaller than Bitcoin, during a time of massive losses across the crypto markets.

If investors from almost two years ago are starting to clean up their portfolio, the vast majority of investors who entered the space in mid to late 2017 have likely existed from the market. This had led some analysts to predict that the lack of market movement was the calm before the storm, though many others had anticipated the price shift to go in the other direction.

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