The simplest reason we've heard for Bitcoin's latest meltdown

BCH Fork

Bitcoin's price continues to slide despite the oversold conditions signaled on the technical charts for the last six days.

Once the second largest crypto-currency in the world, with a market capitalization of more than $US130 billion, Ethereum has died a slow and painful death this year. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Bitcoin Cash ABC [IOU] using one of the aforementioned exchanges.

The rout began on Wednesday and has also affected widely-traded other cryptocurrencies such as ethereum and ripple.

Some analysts from Bloomberg Intelligence (BI) anticipate that Bitcoin (BTC) will "fall further", as reported by Bloomberg.

Ultimately, the hard fork upgrade might have been the trigger, but it was just one domino in a chain of factors contributing to investor pessimism. The difference in market cap between ETH and XRP is now over $4 billion.

Market analysts speculate that the dip is caused due to penalties imposed on two cryptocurrency startups Airfox and Paragon by the U.S. Securities and Exchange Commission. The entire market is in the red at the time of press and the trend appears as though it will continue in the short-term.

Bitcoin Cash ABC has been listed as Bitcoin Cash (BCH) by Kraken, while Bitcoin Cash SV has to make do with the BSV ticker.

More news: The hunt is on for Black Friday savings

Ethereum price is trading in a bear breakout pattern and what we have seen in the last two days might only be a glimpse of what is coming soon.

At current rates, the pair is around halfway to the "bottom" as predicted multiple times by celebrated trading guru Tone Vays, who has forecast $3000 as a target to hit before markets reversed.

"The sell-off is related to enforcement, which is nearly certainly underway", said Justin Litchfield, chief technology officer at ProChain Capital.

The cryptocurrency industry has now lost more than $660 billion in value from a January peak, according to data from "Projects are being made to return investor money, which, after having spent a tonne of money marketing their US$100 million ICO on a lavish party-filled roadshow that was the norm for this vintage of ICOs, will be tough". But many prominent crypto figures believe the digital currency will recover one way or another.

Where the price action goes from here is anyone's guess, although Przelozny said he expect the Bitcoin Cash controversy to "blow over" within the next couple of weeks.

The 10-year-old token fell 3.4% to US$5 362.96 as of 10.30am in London after it plunged through a key resistance level.

November has been a pretty bleak month for cryptocurrency, the markets are hitting new yearly lows and for the first time in a very long time, we are witnessing a huge shakeup in the state of the markets.

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