Bitcoin Cash tumbles as the 'cryptocurrency bloodbath' continues



  • Bitcoin Cash, which split from the flagship bitcoin in August 2017, hasn’t been immune to the cryptocurrency bloodbath that has wiped billions of market value from nearly all of the digital currencies this week.
  • BCC has lost nearly 20% of its value in just 24 hours, plunging as low as $US1,408 per coin, giving the cryptocurrency a market cap of $US24.195 billion, according to OnChainFX. That’s less than half of it’s all-time high of $US4,053, reached in December.
  • Cryptocurrency markets around the world have been smoked this week, with bitcoin falling below the $US10,000 milestone it crossed back in November, thanks to concerns about regulation in Asia.
  • “Despite the fact that bitcoin has almost halved from its peak of $US19,800 reached mid-December, it still remains 1100% higher than it was 12 months ago,” City Index’s Simon Revington said in an email. “However, we could be seeing an important loss of momentum, especially given that Bitcoin hasn’t traded above $US15,000 since Tuesday. $US10,000 level is an important junction because it is a huge psychological level.”
  • You can follow all the cryptocurrency price movements on Markets Insider>>

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.