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Cryptocurrency Investment Products and Services
Weekly Cryptocurrency Market Wrap
9th - 15h November
Weeks of relative stability in the price of bitcoin were unhinged as the market took stock of the implications of the quarrelsome hard fork in bitcoin cash. After starting off the week at approximately $6400, the price of bitcoin dropped as much as -12.3%, as it fell to its lowest point in over a year (approximately $5500). A strong divide in the opinion of the two significant groups over the technical aspects of the bitcoin cash and a sharp sell across cryptocurrencies on the 14th of November grabbed all the headlines over the past week. While it is easy to link these two significant events, we would be cautious to apply direct causation.
As to be expected, negative contagion spread throughout the crypto market as ethereum (-14.7%) and ripple (-3.7%) also ended the week in negative territory in US dollar terms. One of the most notable under performers over the past week was BAT which was down -30.2% in US dollar terms following a strong surge in price in previous weeks.
The sharp sell off over the past week was mostly indicative of panic selling in the retail market, primarily through exchanges. Institutions and large investors typically use these events to build into positions via over the counter (OTC) markets, so we think it's important to see the recent volatility in context.
Senior Investment Analyst, Invictus Capital
Latest Market News
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