The market has taken a serious hit, as the crypto community gears up for a hash war amidst a Bitcoin Cash hard fork, people are selling off crypto massively ahead of BTC having its hash power diverted.
BTC is down over 10% at the time of reporting, taking among the biggest hits as BTC traders prepare for market instability once mining pools representing the two BCH forks divert from BTC. BTC is already under $6000, with some commentators preparing for ‘2014 prices.’
Coins have just recently started to see slight corrections, with BTC up 2% over the last hour, XRP back up an impressive 4%, and even BCH seeing a 2% uptick. Nonetheless, theres no reason to be confident that either stability or the prices coins were trading at even a day ago will be back anytime soon. If anything, the worst may not be over until the dust has settled from tomorrows hardfork/hash war.
Many are not chart professionals, and to those of you wondering:— The Crypto Dog📈 (@TheCryptoDog) November 14, 2018
This was very unlikely to be the bottom. The volume and price action following is not in anyway indicative of a bottom being in.
We will likely see $5,000 and upper $4000s in the coming days.
Other coins are not faring well either, with the massive instability and BTC price plummet causing a huge sell off. BCH is among the largest losers, as traders are extremely unsure of what the results of the hard fork and hash war will be. Even Tether, the stablecoin, is seeing the least stability it has seen for a number of weeks, down over 1% at the time of writing.
Exchanges and Market
So far, almost $20 billion has evaporated from the crypto market. Volume is up significantly, as traders rush to get their coins out from the plummet. The top 10 exchanges are up an average of 135% over the next 24 hours in terms of trade volume, with CoinbasePro up over 300% and Bitfinex up over 200%.