Bitcoin fell below $100,000 yesterday and is only up five percent this year (all major stock indexes have gained more).
October was a disappointing month for cryptocurrency owners.
Bitcoin, which gained almost all of its value in the past month, fell from $118,000 to $110,000. The largest one-day liquidation in cryptocurrency history was the massive sell-off of long positions on October 9, when more than $19 billion in assets were wiped out. This was the largest one-day liquidation in the history of cryptocurrency trading, SEEbiz reports. The slide has only intensified this month, with Fed Governor Jerome Powell making matters worse last week by saying a December rate cut was not guaranteed.
Technical analysis is not promising, Bitcoin is forming a death cross as the 50-day moving average fell below the 200-day moving average, so yesterday’s drop below $100,000 (first time since June) was not surprising. The buying enthusiasm of investors, who used to take advantage of every slight decline, is noticeably lower. As expected, altcoins rose even more.
Ether fell below $3,100 last night, down 15 percent in a 24-hour period. Pessimism was further fueled by the news that Balancer, a decentralized financial protocol on the ethereum chain, was the victim of a hacking attack, causing more than $100 million in damage.
