Crypto-carnage: Bitcoin plummets below 11K

From closer to 20K mark on December 17th, the price of bitcoin retreated sharp and was fast approaching the 10K level during the early NA session on Friday.

It is worth reporting that bitcoin has crashed by over 30% in every quarter since its inception. Hence, the kind of drop witnessed over the past one week is not entirely unusual but analyst now argued that this was a key technical breakdown following the recent exponential uptrend. 

Meanwhile, the latest leg of downfall in the world's most traded digital currency marks the most aggressive drop in almost three years. Prices are now down over 9K from its highs and have fallen below the 50%/61.8% retracement of the move up from the mid-November low at $5511.  

It's not just the bitcoin that has taken the beating, the entire cryptocurrency basket is witnessing the bloodbath, with Bitcoin Cash leading the declines on Friday and tumbling nearly 50% to $1,900 level.