Bitcoin falls below $5000 for first time since 2017

Bitcoin Cash Hard Fork

Bitcoin's big names came together to reassure "panicked" investors November 20 after the BTC price today slid beyond recent lows to hit $4500.

ETH/USD: In line with Bitcoin, Ethereum also plummeted, on way to securing this year's low, following a range of pessimism that emerged in the cryptocurrency industry off late; the day's high was seen at $178.99 and low at $154.00.

Since last week the market has shed 23% from total capitalisation - a staggering $50 billion (£39bn) - to around $163bn (£126bn). Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Bitcoin Cash ABC [IOU] using one of the aforementioned exchanges.

After months of relative calm, the digital currency started to drop last week. Many believe this is what triggered the sudden drop in the value of bitcoin and other cryptocurrencies on November 14. Now, the BTC hash rate dropped below 42 million TH/s, and we suspect that the Bitcoin Cash hash wars have the answers for this sudden decrease. According to Spencer Bogart, partner at the crypto-focused investment firm Blockchain Capital, there is still a "gigantic" opportunity in the crypto space, and in particular in projects that are related to bitcoin, or "programmable money", as Bogart calls it. The difference in market cap between ETH and XRP is now over $4 billion. Soon after the threats, the crypto markets crashed with losses over 10% in a matter of a few hours.

Bitcoin Cash ABC [IOU] is a coin. Rather it has even toppled Bitcoin Cash and is the fourth-most-valued cryptocurrency with $4 billion market cap, at the press time.

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"The sell-off is related to enforcement, which is nearly certainly underway", said Justin Litchfield, chief technology officer at ProChain Capital.

Bitcoin Cash is both a rival cryptocurrency to bitcoin and a fork or split-off of cryptocurrency that launched in August 2017. The regulator said on Friday that CarrierEQ and Paragon Coin were to register their tokens as securities refund investors, pay penalties of $250,000 and file periodic reports to the SEC.

The SEC's willingness to crack down on ICOs is not the only factor that could be pushing bitcoin down. But many prominent crypto figures believe the digital currency will recover one way or another.

Bloomberg's research department Bloomberg Intelligence found out that the value crypto market will continue to fall. This had led some analysts to predict that the lack of market movement was the calm before the storm, though many others had anticipated the price shift to go in the other direction. Bitcoin, which began the year above US$14,000, broke through its floor of around US$6,000 last week.

Keep in mind that, while volatility does increase opportunity, it also increases risk.

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