Bitcoin Cash Drops 11%, Crypto Market Losses Big – Details
Bitcoin Cash’s market capitalization established a weekly high at $2.36 billion on January 24th but at the start of this week, the cryptocurrency’s cap fell to as low as $1.94 billion.
At 1354 UTC, the BCH/USD pair was trading at 110.81, down 11% on a 24-hour period according to CoinMarketCap.com. The service also highlighted that traders exchanged large hands between Bitcoin Cash and Bitcoin on LBank and P2PB2b which were both unregulated.
According to charts available at Coinbase, BCH/USD was now below its previous accumulation range. Between the trading period of January 20th and January 22nd, the 119.52-121.34 range had capped the downside attempts. On January 27th, bears tested it to extend their downside corrections. And today, they managed to puncture the said support range and established new lows at 108.22.
The crash of Bitcoin Cash came as a part of a negative sentiment in the cryptocurrency market. As of 1400 UTC, the industry’s combined loss, according to 24-hour period is nearly $6 billion. Bitcoin Cash led the crash with its 11% plunge.