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.

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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.

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