"The euphoria has died and prices have consolidated with lower lows and lower highs". It is now at its lowest level since October a year ago. Bitcoin Cash ABC [IOU] has a total market capitalization of $0.00 and approximately $58.53 million worth of Bitcoin Cash ABC [IOU] was traded on exchanges in the last 24 hours. In last one week, the crypto market has lost almost $60 billion of its valuations with Bitcoin and other altcoins taking a major hit.
Yesterday, Changpeng Zhao (also known as "CZ"), the CEO of the largest crypto exchange, Binance, tweeted something that hints towards the possibility of XRP becoming a base currency on the leading exchange. Bitcoin Cash was one of the hardest-hit coins last night, falling more than 40%.
While the trigger for the latest sell-off is unclear, it has coincided with a "hard fork" of Bitcoin Cash.
Last week Bitcoin [BTC] sharply dropped from around $6,500 to $5,500 breaking a crucial support at $6,000. At press time, XRP's market cap stood at $19.91 billion, with its sights firmly set on crossing the $20 billion barrier.
The coin's performance may have been additionally affected by the US Securities and Exchange Commission's (SEC) recent ruling regarding two ICO start-ups.
BTCUSD Daily ChartWhy did crypto crash?
BTC.top is one such crypto mining firm that has begun mining Bitcoin Cash in support of BCHABC. The second biggest cryptocurrency has been performing rather well over the past days, while the rest of the market took hit after hit.
"The selloff is related to enforcement, which is nearly certainly underway".
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A leading US -based cryptocurrency exchange has called the new Bitcoin Cash fork BCH SV a risky investment. The startups were penalized after they organized token sales without registering cryptocurrencies as securities offerings.
Bloomberg's research department Bloomberg Intelligence found out that the value crypto market will continue to fall.
"It's hardly the spirit in which many would want crypto to be used but, I'm afraid, it is what it is, and the very nature of trading means we will see this cycle over and over again".
Although Bitcoin Cash peacefully split off from bitcoin, with bitcoin continuing on its merry way, the problem with the Bitcoin Cash split is that it's a battle for who controls Bitcoin Cash and that continues to cause chaos in the markets.
According to CoinMarketCap data, the average price of a single bitcoin around the world on Monday hovered around $5,141.92 as of time of writing.
"Though the two are not the ideal comparison I do think it's important to note and keep in mind".
The 10-year-old token fell 3.4% to US$5 362.96 as of 10.30am in London after it plunged through a key resistance level.