Cryptos slide further as bitcoin nears crucial $3,000 mark

Cryptos slide further as bitcoin nears crucial $3,000 mark

Total value of all cryptocurrencies at its lowest level since July 31, 2017

Bitcoin slid to yet another 15-month low Friday, putting the world’s largest digital currency on track for consecutive losing weeks.

After a quiet morning, cryptocurrency prices fell early afternoon and bitcoin BTCUSD, -0.66% traded to $3,160.10 — its lowest level since Sept. 15, 2017 — and 5% from the psychologically important $3,000 mark.

With back-to-back weekly losses on the cards, Nick Cawley, analyst at Daily FX, said a break of $3,000 is a matter of time. “Bitcoin looks set to fall below $3,000 in the short-term with the $2,970 Sept. 15, 2017, swing-low the next target,” he wrote. “Below here, horizontal support at $1,760 off the July 18 low comes into play in the longer-term.”

The crypto slump has the total value of all cryptocurrencies nearing the $100 billion — a level not seen since July 31, 2017, according to data from CoinMarketCap.

Bitcoin Cash makes new all-time low

Altcoins — or coins other than bitcoin — all moved lower on Friday. Ether,ETHUSD, -0.01% was down 2.8% at $82.84, Litecoin LTCUSD, +4.78% lost 1.5% to $22.48, XRP, XRPUSD, +2.45% was down 4.1% at 28 cents, and Bitcoin CashBCHUSD, -1.83% made another all-time low, trading at $78.90, down 10.8%.

Bitcoin futures ended Friday in the red. The Cboe Global Markets December contract XBTZ8, -2.77% closed down 2.8% at $3,150, and the CME Group December contract BTCZ8, -2.49%  finished Friday down 2.2% at $3,145.

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