Cryptos: Bitcoin makes fresh 15-month low as crypto collapse resumes

Financial Services


Cryptocurrency prices fell sharply on Friday as another bout of selling pressure took digital currencies to fresh lows.

Bitcoin,

BTCUSD, -6.22%

 the world’s No. 1 digital currency, fell as much as 8%, making a 15-month low at $3,291 on the Kraken crypto exchange. A minor bounce has a single bitcoin currently fetching $3,379.90, down 6.2% since 5 p.m. Thursday.

“The price of bitcoin has crippled on the back of this and I think it is likely that the price may not only drop below the $2K mark, but with this kind of momentum behind it, the price can test the 1500 level,” said Naeem Aslam, chief market analysts at Think Markets U.K. in a research note. “Simply put, the bad news keeps coming just like cockroaches coming out of a hole.”

But Aslam said the rot has to stop somewhere, which presents a golden opportunity for crypto believers. “This is a crypto market which has the ability to blow your mind and the downside is limited and the price at its current level represents an opportunity of a lifetime,” he said.

Read: Opinion: Bitcoin is close to becoming worthless

Ether below $100, Bitcoin Cash makes record low

Altcoins, or digital coins other than bitcoin, haven’t fared any better. Ether,

ETHUSD, -10.14%

tumbled to a 19-month low at $84.86, down 10.7%, Litecoin

LTCUSD, -11.60%

was off 11.1% at $24.82, XRP,

XRPUSD, -6.52%

was down 6.7% at 30 cents and Bitcoin Cash

BCHUSD, -8.49%

made another record low, trading under $100 to $98,70, down 13.1%.

Read: UnitedCorp files suit against Bitmain, Roger Ver, Kraken and others over alleged manipulation during Bitcoin Cash hard fork

The crypto-wide selloff shed a further $10 billion off the market value of all cryptocurrencies, which is at a 15-month low of $106 billion, according to data from CoinMarketCap.

Bitcoin futures are tracking spot prices lower on Friday. The Cboe Global Markets December contract

XBTZ8, -7.74%

is off 7.3% at $3,325 and the CME Group December contract

BTCZ8, -7.78%

 is down 7.8% at $3,320.

Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.

Aaron Hankin is a MarketWatch reporter in New York who covers cryptocurrency and financial markets.

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