Bitcoin sinks to new 13-month low

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Put in perspective, bitcoin price by this time past year, closed at just over $8,000 with a market cap of more than $134 billion.

The bitcoin has been under the 5,000 (as for now ~4775) dollar mark for the first time since October 2017. It seems the trend turned bearish for almost every cryptocurrency, except for USD Coin, QASH and Dai showing minor increase. Digital assets have now lost nearly US$700 billion of market value since crypto-mania peaked in January, according to CoinMarketCap.com. Some analysts and experts are of the opinion that is volatility has been brought on by impact of the Bitcoin cash hard for which took place on November 15th and the "enduring [crypto] bear market", while analysts at Bloomberg have predicted that Bitcoin has further to fall and will trade at as low as 1500 United States dollars.

2018 is a rough year for cryptocurrencies as the values of different digital currencies are falling below the levels set by 2017.

This is related to increasing enforcement by USA and European government authorities, as well as a new "fork" that further splinters the digital currency.

Market Update: Amid all the shackles of bitcoin plunge, the market has witnessed a lining of good news that the world's first crypto exchange traded fund (ETF) has been granted to Amun AG, FxStreet reported and the ETF will trade on SIX Swiss Exchange from next week onward.

The worries for the cryptocurrency investors grow further as crypto markets entered a DEEP RED correction on Monday, Nov. 19.

Stellar Lumens, the token associated with an open-source blockchain network and non-profit organisation that works with cross-border payments, has overtaken Bitcoin Cash.

The digital coin has plunged more than 25% in the past five days, going as low as $4,237 on Tuesday, before rebounding to $4,500 by midday in NY.

ETFs are one of the most popular trading mechanisms and the SEC's green light would give the bitcoin market a massive infusion of outside cash.

Bitcoin cash was down around 20 percent on the day. "As the year has progressed volumes have fallen away and some are arguing that the adoption of cryptocurrencies has stalled".

The US authorities investigate the nature of last year's Bitcoin rally. 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. "Over longer periods of times these events are less meaningful", said Mike Loewengart, chief investment officer at E-Trade Capital Management.

The weekly chart continues to favor a drop to the long-term rising trendline support of $4,100.

Bitcoin had been trading at around $6,200 to $6,400 range when Mike Novogratz commented that he thought Bitcoin may have hit bottom.

While the trigger for the latest sell-off is unclear, it has coincided with a "hard fork" of Bitcoin Cash.

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