Mistreated Bitcoin, significant support close to $ 5,000

Bitcoin prices fell again on Monday, reaching their lowest level since October 2017.

After a week in which the world's largest digital currency plummeted by $ 6,000, bitcoin prices lost another 8% on Monday, with a single bitcoin

BTCUSD, -8.26%

$ 5,111.40, down 7.9% since Sunday at 5pm. Eastern Time on Kraken Cryptocurrency Exchange. Bitcoin had reached an intra-day minimum of $ 5,056.30, down 8.8% on the day.

The widespread sale of digital assets has resulted in a fall in the total value of all cryptocurrencies, which stood at 168 billion dollars, a decline of more than 650 billion from the peak reached in January 2018.

Lily: Why Bitcoin prices are preparing for a new collapse

While bitcoin has been down more than 60% since the beginning of the year and more than 70% since its historic high, Stephen Innes, head of trading for the Asia-Pacific region at Oanda, believes that other regulatory hurdles will push bitcoin below the next psychological level, at $ 5,000. with other probable drops. "The digital token fell 6.3% to $ 5,202, after plunging Wednesday into critical resistance after a period of relative tranquility," he wrote.

"I remain incredibly bearish with the BTC, the $ 1,000 level being estimated at $ 10,000. But it's a long-standing and unshakable view that regulators and the banking system will continue to struggle against the rise of virtual markets and will undoubtedly burst the crypto balloon as the $ 5,000 cliff edge approaching fast. "

The decline of Bitcoin after its peak is the fifth largest decline since 2010, according to Charlie Bilello, director of research at Pension Partners.

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The massacre of Altcoin continues

The Altcoins, the group of coins other than bitcoin, fell on Monday at extremely low levels. Ether,

ETHUSD, -12.47%

The second largest digital currency is trading at $ 153.30, a 16-month low, down 12%. litecoin

LTCUSD, -11.44%

was down 11.3% to $ 37.00, Bitcoin Cash had shed 20.7% and XRP,

XRPUSD, -4.67%

was down 4.4% to 48 cents.

The term bitcoins followed suit on Monday. The December contract of Cboe Global Markets

XBTZ8, -7.06%

was down 6.6% to $ 5,060 and the November CME Group contract

BTCX8, -7.34%

was down 7.3% to $ 5,055.

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