Bitcoin (BTC), Ethereum (ETH), Ripple (XRP): Cryptocurrency Carnage, Prices Down 20%+

Bitcoin (BTC), Ethereum (ETH), Ripple (XRP): Cryptocurrency Carnage, Prices Down 20%+

  • Cryptocurrencies roiled in less than an hour.
  • Bitcoin trades below $5,800 as sellers hammer the market.

 

Cryptocurrencies Slumping to multi-month lows

In less than an hour the prices of all major cryptocurrencies have fallen by over 20% as extreme volatility stalks the market. As yet unconfirmed stories of large sell orders hitting the market have seen Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hit multi-month lows with previous support levels taken out with ease.

Bitcoin (BTC), Ethereum (ETH), Ripple (XRP): Cryptocurrency Carnage, Prices Down 20%+

The one-hour Bitcoin chart shows BTC trading below $5,750, a high to low loss of 22% in one hour. Cryptocurrency prices started the day around 5% lower, but this move shows that the market has lost all confidence in cryptos with little support of note on the BTC chart. With such extreme volatility is difficult to say if this is a flash crash with a potential rebound near, or the start of a longer downtrend.

 

BTCUSD One hour price chart (March 12, 2020)

Bitcoin (BTC), Ethereum (ETH), Ripple (XRP): Cryptocurrency Carnage, Prices Down 20%+

 

Source: Dailyfx

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