Bitcoin Hits New Lows as Price Crashes Below $5,000

Start of a new week turned out be far from bright for the flagship cryptocurrency, as the gradual slide turned into a free-fall. At approximately 16:30 UTC on Monday, Nov. 19, for the first time in 2018, the price of Bitcoin fell below $5,000 on several exchanges, including Bitstamp and Coinbase. On Bitstamp, the BTC/USD fell to $4,959 before bouncing back above the $5,000 threshold, while on Coinbase it fell even lower, down to $4,950. This took Bitcoin to a 13-month low with the market cap reducing to just $89 billion. Things got worse at around 19:15 UTC, when the price of Bitcoin fell below $4900 on both Bitstamp and Coinbase. At Bitfinex, where BTC has been trading at a $100 - $150 premium for the past several weeks, the price is so far staying above the psychological level of $5,000, however it too seems to be just a matter of time before this support is broken. Based on the current conditions of the market, a further drop below the $5,000 mark looks rather likely. The reasons