If you were planning to use your cryptocurrency assets to fund Black Friday, then you better think again. After a period of relative stability, the cryptocurrency markets have once again imploded, with thi latest crash wiping $14 billion off the market. At the time of writing, the biggest fall appears to be in Bitcoin Cash, which is currently seeing a 23% 24h fall in value. Although last week’s hard fork was expected to cause ripples through the market, it is cannot be blamed for the magnitude of this current crash.
On this particular occasion, the market drop seems to echo worldwide sentiments on both the fiat markets and on Wall Street. All in all, as we move into the end of the year there is tremendous uncertainty in all the markets. The positive news is that cryptocurrency investors shouldn’t see this particular bear run as one that is isolated to cryptocurency – and on occasion it is therefore no indication of the overall condition of the cryptocurrency ecosystem.
With Bitcoin (BCH) currently trading at just above £4,100, the real test will be weather it can stay above the 4k mark or is there worse to come. We can but wait and see.