Bitcoin falls below $5,000 for first time since Oct 2017

Kenny Grant
November 20, 2018

Cryptocurrency trade should be in compliance with the anti-terrorist financing (ATF) and anti-money laundering (AML) regulation according to Canada's lower house Finance committee.

Bitcoin continued to slide to a fresh 2018 low this morning, surpassing last week's crash as the effect of bitcoin cash's split weighed heavily on cryptocurrencies.

On a curious note, while bitcoin has fallen some $14,000 since its late-December 2017 high just below the $20,000 mark, the current price, around $5,000, is still roughly five times higher than January 2017 levels of around $1,000.

Counterparty (XCP) traded down 5.2% against the dollar and now trades at $2.66 or 0.00049691 BTC.

"While most are blaming the Bitcoin cash "hard fork" as a key player behind Bitcoin's weakness, technicals could have played a role". The other cryptos weren't spared either, with Ethereum shedding 12 percent as Cardan lost 12.5 percent, the largest loss in the top 10.

The confusion has highlighted what analysts have been warning for some years: crypto trading is too unregulated and risky to be considered a safe investment for the public at large. Bitcoin Cash is now called Bitcoin ABC and the new fork is called Bitcoin SV, meaning "Satoshi's Vision".

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On Monday, bitcoin opened at $5,548.29 but soon fell to $5,165, according to CoinDesk, the lowest level since October 18, 2017. At press time, Bitcoin was trading at $5,260 on Coinbase Pro, $5,286 on Liquid and $5,256 on Bitstamp. Investors seeking to trade Bitcoin Cash using U.S. dollars directly can do so using GDAX, Changelly or Gemini. At press time, Ether was trading at $156, down from $177. ETH has been smashed again today falling another 13% to below $150, its lowest level since May 2017. The pump that began a few weeks ago, got the market a bit too offsides with speculative longs playing for the good-old days. XRP is now the second most valuable virtual currency by market capitalization.

Kraken exchange has warned investors trading Bitcoin Cash SV [BCHSV] saying that the fork doesn't fulfil all the listing requirements of the exchange. "Bitcoin SV does NOT meet Kraken's usual listing requirements".

Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet, stated that the $96,000 price prediction "may be a bit ambitious".

Litecoin (LTC) is now trading at $37.28 against the Dollars, a -12.21 percent change in the last 24h.

Even though the cryptocurrency exchange had already credited BCH SV tokens to its clients, it has raised several "perceived risks" that include that there isn't a single wallet yet that supports replay protection, a method that prevents a single transaction from occurring on both Bitcoin Cash blockchains simultaneously.

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