Cryptocurrencies hit new lows today as the losses accelerated. Bitcoin hit $162 per coin, Litecoin fell to a low of $1.05 and Peercoin was quoted at $0.24 few hours ago. As expected, the break of the important BTC/USD support at $266 sent bitcoin in a tailspin, falling over $100 dollars in two days, a loss of almost 40 percent! The altcoin meltdown was equally as damaging. As we’ve said before, $266 is a previous swing for BTC that was the highest high for most of 2013. It was also the breakout point for bitcoin’s latest major rally from $266 to a high of $1090. A break below here means that all the gains of that rally (and more) have now been invalidated.
Peercoin Falls 46 Percent
In our last PPC update one week ago, we mentioned that we would need to a see a break of $0.45 for a resumtion of the downtrend. Since then, the crypto fell below $0.45 and proceeded to lose over 46 percent, falling to a low of $0.24 earlier today. But there are signs that the selling may be overdone.
Read more https://blog.fxopen.com/cryptocurrencies-meltdown-but-selling-likely-overdone/