Just a few days ago, the market experienced a sudden flash crash, with many cryptos being relegated to their lowest prices for the year. Despite having shown resilience during earlier volatile times for altcoins, Bitcoin couldn’t withstand the crash and traded at its lowest level in the past 13 months at $5,300. And just as it was beginning to recover, the bears struck again, driving Bitcoin to a new yearly low. Bitcoin traded below its $5,300 support level beneath which it had managed to avoid by the skin of its teeth. On Coinbase Pro, it was trading at $5,260 at press time. The other cryptos weren’t spared either, with Ethereum shedding 12 percent as Cardan lost 12.5 percent, the largest loss in the top 10.
The bears have been on overdrive in the past week, with the expiry of futures contracts and the instability accompanying the Bitcoin Cash hard fork being blamed for it. On November 14, Bitcoin lost $1,000 in a few hours to trade at $5,300 on some markets such as Bitstamp and Kraken. This was the lowest that the crypto had traded this year and the lowest since October 2017.