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Bitcoin Cash [BCH] crushes supports as prices decline by a massive 14.82%

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Bitcoin Cash [BCH] crushes supports as prices decline by a massive 14.82%
Source: Unsplash

Ever since the hard fork, Bitcoin Cash has been fumbling and stumbling and trying to keep up with the already brutal bear market. In the recent crash, Bitcoin Cash prices, in a 24-hour time frame, fell by a massive 14.82% with no sense of stoppage.

The prices for BCH in the one-day time frame kicked off trading at $140.83 on December 5, 19:49 UTC and went on a downhill ride. The prices took a steep downward direction on December 6, 09:54 UTC, at which point BCH was trading at $127.38, and reached as low as $121.96.

Source: CoinMarketCap

The downhill ride seemed to pick up after the immediate dump as the prices recuperated 5% and reached $128.62. The market cap followed the same trajectory as prices and was holding steady at $2.25 billion.

The prices continued their downtrend but tried to free themselves from the bear’s clutches, but reached $120.79 mark before they were exhausted. The prices are currently trading at $117.64 with a market cap of $2.08 billion.

The prices for BCH in the seven-day time frame looks as bleak as in the one-day charts, with nothing but downtrends. The price in the aforementioned time frame has undergone a decline of 34.13%, as the prices began trading close to the $200 mark and fell as low as $117.

Source: CoinMarketCap

The market cap, however, has taken the most deadly blow as it decreased $3.2 billion and reached a mere $2.07 billion, which is a ~33% decrease.

A Twitter user Roy Murphy commented on the hard fork and the decrease in prices saying:

“Grow! How?
It’s lost 75% in two weeks and falling rapidly. What are you guys smoking?”

Another user Bitcoin Allure comment:

“All I can think of when I hear $Bch is that quote “You split, we bankrupt you” CSW . Their end is unraveling before our eyes. It’s already a done deal. They just don’t see it yet. They lost the vision now they will perish. Am I being to harsh? Nope, I don’t think so.”




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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Winklevoss Twins launch new app; say they are “at home” with the crypto-winter

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Winklevoss Twins launch new app; say they are "at home" with the crypto-winter
Source: Unsplash

Even though the cryptocurrency market has been brutal and tough, the well-known Winklevoss twins think otherwise with their new application which allows users to buy Bitcoin [BTC] and other virtual currencies.

Earlier today, Cameron Winklevoss published a blog in which he talks about the new app which is up and running on Google Play and App Store. The app allows purchase of Gemini’s five cryptocurrencies. The app also includes Know-Your-Customer [KYC] with facial scanning and other biometric proofs in order to comply with the AML laws and avoid money laundering.

Tyler and Cameron Winklevoss are very bullish on the future of Bitcoin and instead of HODLing and waiting for a bull run, they said that they were working on making the ecosystem better. They also added that they had recently employed new Park Avenue offices.

The mobile comes as a new way to face the crypto-verse after getting their ETFs rejected by the U.S. Securities and Exchange Commission [SEC] multiple times.

The twins said that they were right at home with the crypto-winter and Cameron added that “We can weather this downturn”.

Apart from the mobile app, the twins have also launched an investment fund in the mobile app that consists of multiple cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], Zcash [ZEC], and Bitcoin Cash [BCH].

All of the above-mentioned cryptocurrencies are added to their listings only after a thorough approval from the New York Department of Financial Services [NYDFS].

Cameron said:

“For many years when we were building Gemini, price wasn’t a thing. Bitcoin was a $200 coin. Then, last year is actually an anomaly, and almost, you could argue, a distraction.”

Unlike Coinbase’s or Kraken’s mobile apps, Gemini has been targeting institutional investors by building financial infrastructures.

The decision by the twins comes in the bear market that has sliced off a large chunk of the market cap from most of the cryptocurrencies.

Bitcoin, the largest cryptocurrencies has witnessed a collapse of 82% since its all-time high and the market cap of all the cryptocurrencies which was $200 billion short of reaching $1 trillion dollar mark. However, the brutal bear market of 2018 has caused the overall market cap to slide down to a mere $107.84 billion.


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Bitcoin Cash

Bitcoin SV [BSV] plunged by 3.42% while Litecoin [LTC] falls by 24.21% over the week

Namrata Shukla

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Bitcoin SV [BSV] plunged by 3.42% while Litecoin [LTC] falls by 24.21% over the week
Source: Pixabay

The cryptocurrency market has been going through some tough time for the past few and on December 11, the market saw a different color of red. Two of the coins which faced the brunt of this vermilion market were Bitcoin SV [BSV] and Litecoin [LTC].

Source: CoinMarketCap

Source: CoinMarketCap

According to CoinMarketCap, BSV, which ranks eighth on the list, was valued at $89.68 with a market cap of $1 billion. The coin’s 24-hour trade volume was $57 million and had plunged by 8.96% over the past seven days. However, the coin slipped by only 1.69% over the past hour, at the time of press.

According to the 24-hour trade volume, GDAC registered the highest trading volume of $15 million with BSV/KRW. GDAC is followed by BitMart for the second and the third position. On the second position, BitMart registered a trading volume of $7.28 million with BSV/BTC pair. The third position recorded a trading volume of $7.23 million with BSV/USDT pair.

Source: CoinMarketCap

Source: CoinMarketCap

LTC, which ranks ninth on the CoinMarketCap list, was valued at $1 billion with a market cap of $4million. The coin recorded a 24-hour trade volume of $4 million with a dip of 4.67% over the past seven days. However, the coin dove nose first by 0.87% over the past one hour.

According to the 24-hour trade volume, the maximum trading volume was registered by DOBI trade, with a market cap of $84 million for LTC/BTC pair. It was followed by Bibox, which registered a trading volume of $23.8 million with LTC/USDT pair. On the third place was OKEx, which noted a volume of $23.4 million with LTC/BTC pair.

Amongst the highs and lows of the market, the two coins suffered a loss of 3.42% for BSV and 24.21% for LTC. The coins are being ravaged by the bear and it looks bitter at the moment.


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