Battered Bitcoin Price Sets New Yearly Low at $3,310 — Newsflash

Bitcoin's nightmare year gets even worse

Total market capitalization of all cryptocurrencies fell sharply as well, wiping away another $11.5 billion to stand at $110.6 billion on the day, a far cry from $813 billion seen on January 8, CoinMarketCap data shows.

Bitcoin was struggling to maintain the support around $3600 from a few weeks after crashing down from $6500 to $4200 last month. Cryptocurrency analysts were predicting that the lowest level is still not achieved when bitcoin fell up to $3550. The analyst warned that the downward trend may continue next year.

Lawyer Brian Miller of Akerman law firm, who heads the team of lawyers that handles the UAC litigation, said there was "a scheme by a tight network of individuals and organizations created to co-opt the cryptocurrency market for Bitcoin Cash, effectively hijacking the Bitcoin Cash network, centralizing the market and violating all accepted distributed and decentralized standards and protocols associated with Bitcoin since its inception".

Numerous top 10 cryptos are suffering double-digit losses in the last 24 hours, taking out weak support levels along the way. Ethereum is trading around $84 right now with signs of further losses.

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All top cryptocurrencies by market cap have fallen 11% to 24% except for Bitcoin SV (The newest hard fork of bitcoin cash) which is showing exceptional gains increasing 22% in the last 24 hours.

At press time, in the past 24-hour period, XRP is at $0.3104 (down 9%), Ether is at $88.61 (down 13.80%), Stellar is at 0.1143 (down 15%), EOS is at $1.78 (down 20.54%), TRON is at $0.0131 (down 9.62%), and Cardano is at $0.0300 (down 13.14%). The price of Bitcoin SV is now $110 and Bitcoin Cash is at $102.

The cryptocurrency market as a whole made a fresh low for 2018 with its market cap falling to just over $108 billion, down from $835 billion at the start of the year. The scheme, allegedly spearheaded by Bitmain and Ver's camp, reportedly caused "a global capitalization meltdown of more than $4 billion and caused many American and Canadian coin holders to suffer financial damages". All investors are waiting for the crypto winters to end soon.

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