Story by: Billy Bambrough
Bitcoin, which has soared sharply higher over the last few months, has suddenly turned, losing almost 15% in value over the last 24-hours and sparking fears the latest bubble has burst.
Ethereum, Ripple’s XRP, and litecoin, the three top cryptocurrencies by market capitalization alongside bitcoin, also all turned red, each losing between 5% and 10% in value over the last day, according to price data from CoinMarketCap.
The bitcoin price dived after touching year-to-date highs of $13,880 per bitcoin on the Luxembourg-based Bitstamp exchange late last month to trade at lows of $9,710 earlier this morning.
The sudden bitcoin, ethereum, Ripple XRP, and litecoin price sell-off comes after warnings bitcoin is heading for a “violent breakdown” and technical data that showed a strong sign of buyer exhaustion across bitcoin and cryptocurrency markets.
“We fell off a cliff here, supported by the bottom of this descending triangle,” said crypto analyst and BlockTV reporter Joe Saz. “I believe this descending triangle is going to be a violent breakdown. I don’t typically have a red flag emergency, but it’s looking very bad right now.”
Original story: https://tinyurl.com/y4z3k5x7by