In the latest cryptocurrency news, we have a new wipeout that has the crypto market suffering – and being one of the most intense daily sell-offs in all of 2018, where the market lost more than $26 billion in one single day.
The price of Bitcoin, which demonstrated a high level of stability over the past 3 months, recorded a 11% drop within 12 hours, which was a decline that brought down many other altcoins and digital assets, triggering downward movements in the entire market.
One of them was Bitcoin Cash (BCH) which suffered most yesterday, falling by more than 19% and losing about a fifth of its value. Over the past week, this altcoin has managed to drop by over 50% and lose half of its value against the US dollar and 40% of its value against BTC.
The intensity of yesterday’s selloff reached a point in which Bitcoin saw its trading volume doubling from $4 billion to $8.1 billion. Even though the volume rarely surpassed the $4 billion margin over the past few months, it now demonstrated a high trading activity because of the selloff.
One respected crypto trader and analyst going by the handle DonAlt commented on the latest drop, stating:
BTC looks pretty weak, this might be the first time I'm not buying 6.2k in quite a while.
I'm just not trusting it to hold forever after getting battered for so long.
If it does break alts will suffer hardest.
Waiting for the daily close.
S: 6200, 6250
R: 6330 pic.twitter.com/D9jwgvHMp8
— DonAlt (@CryptoDonAlt) November 14, 2018
The price trend of Bitcoin has played out similarly to the trend that DonAlt laid out and small market cryptocurrencies managed to suffer against both Bitcoin and the US dollar. Throughout the first two quarters of 2018, however, tokens and small market cap assets recorded losses from 40% to 80% against Bitcoin.
The recent losses of 15% to 20% managed to bring their total yearly losses to around 95% percent. Bitcoin is now trading at $5,645 – and analysts believe that a quick rally to $6,000 could recover it from this situation.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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