Bitcoin (BTC) and crypto markets are in free fall again

It isn’t just the Australian share market that is melting down during trade on Friday. The crypto market is in free fall again with sizeable declines being seen across the board.

This has taken the entire value of the cryptocurrency market down to US$321.8 billion according to Coin Market Cap. Which means that since this time yesterday the market is down 8.6% from US$352.2 billion.

In the past cryptocurrencies like bitcoin (BTC) had become popular alternatives to gold as a safe-haven asset in risk off events, but this certainly isn’t the case anymore.

At the time of writing the BTC price is down 7% over the last 24 hours to US$8,431.50 per coin. This has reduced its market capitalisation to US$142.8 billion.

Speculation that popular crypto exchange Binance could be kicked out of Japan for not operating with a licence appears to have been the catalyst for this recent decline. Though, that speculation has been refuted by Binance itself.

The exchange’s founder, Zhao Changpeng, told Bloomberg that Binance has been working towards acquiring a license in Japan and that it is “engaged in constructive dialogue” with regulators and has “not received any mandates.”

What about the altcoins?

Things have arguably been worse for the altcoins, unfortunately.

At the time of writing the ethereum (ETH) price has fallen over 10% since this time yesterday to US$515.60 per token, reducing the second-largest cryptocurrency’s market capitalisation to US$50.7 billion.

Elsewhere, the Ripple (XRP) price is down 9.5% during this time to 63 U.S. cents, Bitcoin Cash (BCH) is off 8.5% to US$966.80, Litecoin (LTC) is down 7.5% to US$158.48, and Cardano (ADA) has fallen 14% to 18.8 U.S. cents. The latter has been on an especially bullish run this week and is likely to be suffering from extensive profit-taking today.

All eyes will be on the market this weekend to see if it can find some support and at least hold onto some of this week’s gains.

Investors might be best avoiding the crypto market at the a focusing on other investment opportunities like these three growth shares.

The Disruptors: 3 Revolutionary Aussie Companies to Back for 2018

We’re living in one of the most exciting times in investing history. Innovation and a booming culture of entrepreneurship are constantly creating new companies with the potential to make forward-thinking investors very rich. Now more than ever, one small, smart investment could make a huge difference to your wealth.

That’s why at The Motley Fool we’ve been scrutinizing the ASX to uncover the kinds of companies that we believe could turn into the next Cochlear or REA Group.

We’ve found three exciting companies that we believe re poised to perform in the new year. Click here to uncover these ideas!

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…


The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!