Bitcoin plunges to 19-month low as Bitcoin Cash chaos spooks investors

Image Source CoinMarketCap

The price of Bitcoin fell as low as $4,754 Monday, marking a 14% drop in a 24-hour period.

For the first time this year, Bitcoin plummeted under $ 5,000, fueling fears that the cryptocurrency market is heading for collapse according to later trade on the Luxembourg - based Bitstamp trade. It seems the trend turned bearish for almost every cryptocurrency, except for USD Coin, QASH and Dai showing minor increase. Currently, the gap between the market cap of XRP and ETH is over $2 billion.

All of this takes place just days after the Bitcoin Cash split and BCH has been one of the worst-hit currencies in this bearish trend, as its price has dropped by over 43% in the past 24 hours. Some people in the crypto community believe this fall is associated with panic selling and that now is, in fact, the best time to buy bitcoin.

This is related to increasing enforcement by United States and European government authorities, as well as a new "fork" that further splinters the digital currency.

Other investors appear to have sold automatically because of stop-loss programs, wrote Mati Greenspan, senior market analyst at trading platform eToro. He said the approach of Bitcoin futures expiration can also give gyrations to the market.

The price of bitcoin sunk to a 13-month low of $5,141 on Monday, sustaining an 8 percent daily drop less than a week after the price dropped 15 percent in one day.

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XRP has been a market outlier over the past few days and has been relatively stable during these turbulent market conditions. However, Bitcoin still accounts for about 53% of the total cryptocurrency market capitalization.

Bitcoin cash itself was forked away from bitcoin in August previous year, over disagreements on how to scale the digital asset.

Last week, a new version of Bitcoin Cash was launched, which was itself a "fork" from the original Bitcoin blockchain. "As the year has progressed volumes have fallen away and some are arguing that the adoption of cryptocurrencies has stalled". Airfox and Paragon Coin Inc will each have to pay US$250,000 in penalties to compensate investors, and will also have to register their digital tokens as securities, the agency said in a news release on Friday.

"The selloff is related to enforcement, which is nearly certainly underway", said Justin Litchfield, chief technology officer at ProChain Capital. It even declined below the $4,550 support and traded to a new multi-month low around the $4,400 level.

BCH/USD: Bitcoin Cash, too continued its freefall, owing all credits to the hard fork that led to the emergence of Bitcoin Cash ABC and Bitcoin Cash SV.

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