Cryptos death crossed, as sell-off gathers pace

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Cryptos death crossed, as sell-off gathers pace

The death crossed cryptos kept muzzling in the mud, as Bitcoin plunged over 12% on Monday. As market sentiment is souring sharply, further decline is likely. There had been a number of factors accelerating this downtrend including the increased US regulatory scrutiny and a delay of widely anticipated launch of Bitcoin futures by the Bakkt, which happened to be an Intercontinental Exchange’s Crypto Platform.

These factors coupled with lukewarm network fundamentals and reports of falling adoption of crypto as a tool for services such as payments, have led to strong selling pressure against a lack of buying resistance — to a point of apparent capitulation," Aditya Das, an analyst of Brave New Coin commented in response to this terrible disaster over the crypto market.

On Monday, in the Asia Pacific trading session, Bitcoin plunged to $3,519.94, its 14-month low, losing nearly 12.6%, however the downfall has experienced a support during the European trading sessions. While this report is being written, the Bitcoin is being traded at $3,600, while it appeared to be oversold.

Apart from the Crypto Kingpin Bitcoin, Ripple and Litecoin also dipped sharply, while Ethereum took the heavy battering, as almost all of the ICOs from 2017 were being sold through Ethereum and two ICOs having penalized heavily, paid the buyers back.