Crypto-currencies are not enjoying any kind of Santa rally. Bitcoin, Ethereum, and Bitcoin cash are all crashing quite significantly.
Here are the updates, followed by 4 reasons:
- BTC/USD is down by over 10% to $14,088, already around 30% below the magic number of $20,000.
- ETH/USD, which was well above $800, is currently trading around $778, down some 15% on the day. Ethereum has more to offer in comparison to bitcoin but offers also bigger losses today.
- BCH/USD, or bitcoin cash, is down a whopping 21% to $2,435. The coin, which exists only since August, enjoyed a big leap earlier in the week as it received inclusion in a key exchange.
Why are crypto-currencies crashing?
What’s next? We have seen quite a few crashes in crypto-currencies that were followed by rallies. Is this another case?
The advantage with digital coins is that they also trade during the weekend and also during Christmas. Will Santa eventually bless bitcoin? Or maybe bitcoin cash?
More: On the Bitcoin Block: 7 Myths about trading cryptocurrencies