Cryptocurrency Market Plunges, Bitcoin Hit a New Low Since Late 2017

The Bitcoin Cash (BCH) hard fork continue to affect market confidence, and prices have fallen by nearly 40%. The overall cryptocurrency market was also not spared. Bitcoin (BTC) fell below $5,000 and hit a new low for 2018.

The BCH splits into Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV) through hard forks. CoinMarketCap said that most of the exchanges used BCH to reflect BCHABC, in order to reflect the current market. As of 7:15 AM PST, BCH prices fell 30.30% to $245.20, while BCHSV reported $59.19, down 39.31%.

The BTC continues to fall 9.08% to $4,694, recording a new low since mid-October 2017; the market value evaporated by nearly $9.8 billion. The remaining major cryptocurrencies, Ripple (XRP) and Ethereum (ETH), fell 4.66% and 9.69%, respectively, while Stablecoin (USDT) fell 1.21% to $0.98. Most of the world’s top 20 market capitalization cryptocurrencies fell more than 10%.

In addition, the US Securities and Exchange Commission (SEC) announced on Friday (16th) that two ICO companies were civilly punished as their tokens were not registered as securities. The latter had agreed to return the funds to investors and registered the tokens as securities, the other agreed to submit periodic reports to the SEC and pay fines.