Bitcoin Crashes Below US$4000: All That You Need To Know

November 27, 2018 04:15 AM AEDT | By Team Kalkine Media

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Bitcoin Crashes Below US$4000: All That You Need To Know

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Bitcoin continue to witness the biggest slump of the year. After the Bitcoin price first traded below US$4000 on Sunday, it fell straight to US$3,582.72 in early trade on 27 November 2018.

Bulls in the digital currency markets are hit by the massive cryptocurrency crash that underscores more than 81% steep loss from the highest level of around US$19,059 that Bitcoin was trading at in December last year. This meltdown underscores the biggest plunge in the digital currency markets over the past 12 months. First, the Bitcoin price fell below US $6,000 in mid-November, then it traded under US $5,000 in the third week of November, and now it is hanging below the US $4,000. Since the Bitcoin price has touched the lowest levels of US$3,500, it would not be a surprise to see it trading below US $3,000 as there is buzz of further sell-off in the market.Â

Other virtual currencies like Ether and Ripple joined the Bitcoin-led bloodbath. As per coinmarketcap.com, Ethereum has gone down more than 77% over the past 12 months, currently trading at USD $105.85 (27 November 2018; 11:56 AM AEST). Whereas, Ripple trading through its peak of USD $0.51 in November 2017, nosedived to USD$0.32 on Sunday.

Ahead of Bitcoin currency crash, the ASX listed technology developer for bitcoin mining and trading, DigitalX Limited (ASX:DCC) has witnessed a massive downtrend of 6.154% in its share price of A$0.061 on 26 November 2018. Moreover, DigitalX stock continues to show the bearish momentum of market as it is down by 1.639% to trade at $0.060 on 27 November 2018 (12:25 PM AEST). Over the past one year, DCC has witnessed a negative performance change of 73.48% while currently trading at a PE of 7.350 x with market capitalization of A$31.16 million.

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