According to CoinMarketCap, bitcoin has sunk below $4,000, marking another major blow to the flagship cryptocurrency. The struggle created market uncertainty and drove down its price by nearly 50%, contributing to the slide in Bitcoin as well.
Additionally, the much-awaited release of ICE's Bakkt platform which was scheduled before this year end is now postponed to the end of January next year.
Recently, the BTC's second layer scalability solution called Lightning Network recorded 300 percent jump in the network capacity over the last few days.
Bitcoin Atom (BCA) traded down 10.2% against the dollar and now trades at $0.17 or 0.00004519 BTC. The Altcoins yet continue to be the worst performer with all the top twenty digital currencies experiencing double-digit losses.More news: Carlos Tevez: We are being forced to play Copa Libertadores
The Oanda representative echoed this critical sentiment later on Monday, telling MarketWatch that BTC's recent price action "isn't normal nor positive", adding that investors in this nascent market should beware of market soothsayers, who he dubbed "false prophets".
Billionaire business magnate Jack Ma warned against speculating on the bitcoin market several months back after saying that the virtual currency could be a potential bubble. Buyers pushed the price above the 50% Fib retracement level of the last decline from the $4,538 high to $3,651 low.
The coin is now trading at a 1 week high of over $110 after gaining over 75% in the past 24 hours.
After an epic rally previous year that exceeded many of history's most notorious bubbles, cryptocurrencies have become mired in a almost $700 billion rout that shows few signs of abating.
But, the decline continued during the weekend and today we find Bitcoin below the $4,000 level. Debut of Crypto ETP in swizz Six exchange failed to have any major impact on price action of legacy crypto currencies which made up a majority of the ETP.
Bitcoin Cash ABC [IOU] (CURRENCY:BCHABC) traded down 20.6% against the United States dollar during the one day period ending at 9:00 AM ET on November 25th. As the crypto bloodbath continues many people are asking if this period is different and if the BTC price will ever recover.