The crypto market’s extended stable action took its last breath on Wednesday as the bitcoin price dipped to a new yearly low at 5280-fiat.
The BTC/USD index fell more than 12 percent ahead of the US trading session, now trading at 5439-fiat on Coinbase. The pair was trading comfortably inside a narrow trading range since September, leading many to believe that it had established a bottom around 6000-fiat. The latest selling action brought BTC/USD to its weakest mark since October 2017.
The bitcoin flash-crash cannot be fit inside the box of technicalities and must have a strong fundamental reason behind it. This kind of price action generally appears when exchanges trade unrealistically, or some kind of regulatory action takes place. It will take a while for the market to understand the real catalysts behind the ongoing breakdown action.
Meanwhile, the US dollar continues to stay near its 16-month peak level. The greenback is benefiting from the speculation of an interest rate hike in December. Concerns over Italy‘s budget and ongoing Brexit talks are also injecting positive fundamentals to the dollar’s bullish bias.
Source : https://www.ccn.com/bitcoin-price-sinks-to-new-yearly-low-as-sell-off-batters-crypto-markets/