Bitcoin And Crypto Market Plummets--Dealing Blows To Ripple (XRP), Ethereum, And Bitcoin Cash

Bitcoin and the wider cryptocurrency market, including major coins ripple (XRP), ethereum, bitcoin cash, stellar, EOS, and litecoin, have fallen sharply today ahead of a bitcoin cash fork that's threatening to tear to the bitcoin rival apart.

Bitcoin fell below the psychological $6,000 mark for the first time this year amid a wider sell-off that saw almost all major coins fall by at least 10%.

The bitcoin price plummetted to $5,534 on the Luxembourg-based Bitstamp exchange before rebounding somewhat.

Bitcoin is seen on an android mobile phone. (Photo by Omar Marques/SOPA Images/LightRocket via Getty Images)Getty

The bitcoin price has been stuck in a downward trend all year—dragging the wider cryptocurrency market with it. The bitcoin price is down some 70% from its peak while the likes of other major cryptocurrencies ripple (XRP) and ethereum are down around 80%.

The last time the bitcoin price fell below $6,000 was November 2017, suggesting that the bitcoin bull run many have been hoping will emerge in the run-up to Christmas will not appear.

Earlier this week, the respected chief executive of bitcoin exchange Binance, Changpeng Zhao, said he expects another bitcoin "bull run" to happen "sooner or later", telling CNBC's Crypto Trader program: "Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen... Sooner or later, something will trigger it."

The bitcoin price has not fallen under the $6,000 mark since November 2017.Coindesk

Elsewhere, a new San Francisco and Singapore-based hedge fund, Circuit Capital, is arguing the fall in bitcoin price over the last 10 months has obscured the growing use of cryptocurrencies among consumers and investors.

"Despite what is happening with prices, we’re seeing adoption growing and a lot of people are looking to scale crypto businesses," Circuit partner Eugene Ng told Bloomberg. "We are starting to see talent moving into this space and institutional infrastructure developing."

It was not immediately clear what had triggered the sudden sell-off but tensions in the bitcoin sector are high ahead of a fork of the bitcoin cash cryptocurrency, expected tomorrow.

The top 10 cryptocurrencies were all down by around 10% on the last 24 hours, leaving boards showing a sea of red.CoinMarketCap

Bitcoin cash, which split from the original bitcoin blockchain last year, will tomorrow split in two, creating a third cryptocurrency. The two digital currencies will go by the names Bitcoin ABC (core Bitcoin Cash) and Bitcoin SV (Satoshi’s Vision).

Bitcoin cash has been highly volatile in the run up the fork, rising as much as 50% over the last few weeks before falling sharply more recently.

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Read Again Broooh https://www.forbes.com/sites/billybambrough/2018/11/14/bitcoin-and-crypto-market-plummets-dealing-blows-to-ripple-xrp-ethereum-and-bitcoin-cash/

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