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Bitcoin is capping off a bad week by heading to new lows in 2018

The bitcoin price has dropped 4.8% on Friday afternoon AEST to change hands for US$5,813 (A$7,869) in a move that continues its downward trend to drop below what some claimed to be a technical support level of US$6,000.

Bitcoin was also thought to enjoy technical support levels at US$10,000 and other round numeric multiples, but it seems its momentum has decisively reversed as confidence evaporates in the intrinsic value of cryptocurrencies.

Ethereum and Ripple are also taking a bath this afternoon down 6% and 5% respectively to new 2018 lows of US$408 and US$.43956 respectively.

The digital currencies have reportedly fallen on the back of a slew of negative news reports around exchanges being hacked and robbed online in South Korea, while U.S. regulators are reportedly cranking up their crypto-crackdown in an effort to fight nefarious uses of the digital currencies.

Overall, the price direction of crypto-currencies remains a big unknown as the primary driver appears to be sentiment, with little historical precedent to act as guidance.

Anyone punting in the crypto space can expect volatility then as the price action could swing wildly in either direction over the rest of 2018.

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 Tom Richardson 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.

One ASX Stock For An Estimated $US22 Billion Marijuana Market

A little-known ASX company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.

And make no mistake – it is coming. To the tune of an estimated $US22 billion.

Cannabis legalisation is sweeping over North America, and full legalisation arrived in Canada in October 2018.

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