Cryptocurrency price update 27 February 2020: Is Bitcoin crashing?
Bitcoin and most other major cryptocurrency prices are falling fast.
Ethereum, XRP (Ripple), Bitcoin Cash, Litecoin, Steller Lumens and EOS have all fallen sharply over the last week and continue to fall today.
Bucking the trend in early morning trading today (Australian time) is Tezos (XTZ) which has gained more than 1% and Chainlink (LINK) which is up 7.5% today.
The price of one Bitcoin has fallen five per cent in 24 hours, shedding more than A$700. One Bitcoin is now worth A$13,212.88 after a big fall in morning trading (Australian time).
[24-hour Bitcoin price chart below from coinbase.com]
Bitcoin, the leading cryptocurrency with a total market capitalisation of A$241 billion is losing value fast. Analysts from CoinDesk, CoinTelegraph and other leading exchanges are predicting further falls as Bitcoin tests, and falls below, the key US$9,000 price mark.
Traders were hoping that Bitcoin and cryptos would benefit from investors fleeing share markets over coronavirus fears.
Those hopes have been dashed over the last fortnight, as crypto prices have followed share markets and broader global economic indicators down.
Bitcoin prices have fallen almost 10% in the last week. The price of one Bitcoin now (27 February 2020) is A$13,217.79, down almost $1,300 in seven days.
[One-week Bitcoin price chart below from coinbase.com]
The next four biggest cryptocurrencies, by market capitalisation, show an almost uniform fall of around 17 per cent over the last seven days.
Ethereum price update: Ethereum (ETH) is down 17.3% in one week to A$328.54.
XRP price update: XRP (Ripple) is down 17.96% in one week to A$0.07.
Bitcoin Cash price update: Bitcoin Cash (BCH) is down 16.89% in one week to A$100.47.
Litecoin (LTC) price update: LTC is down 16.46% in one week to A$17.65.
Keep up to date with the latest cryptocurrency price outlook at InfoChoice.
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