BTC continued its decline after losing 12% on Wednesday and 3.10% today. This is the biggest Sell Off since February.
Day after the Bloomberg Galaxy Crypto Index fell by 15%, speculation began on the causes of it, including today's debut of the new version of Bitcoin cash. Traders are considering whether a coin that broke from the original battlefield in 2017. absorbs investments far greater than the most significant crypto-wave.
"Bitcoin Cash's hard fork has much more impact than initially expected destabilization, which clouds the landscape." - says Stephen Innes, head of crypto trading at Oanda Corp.
Currently only support is in the area around $5000, but a break below it would open the crash door to $2500 - Crypto retail traders switch from buy on dip to panic.
Source: Bloomberg Finance L.P.
Charts: Used with permission of Bloomberg Finance L.P.
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