The bear attack on November 14 saw a lot of the cryptocurrencies crumble under the bear pressure which also coincided with multiple support breaks. Bitcoin [BTC] faced the bear’s first wave of attack, with the cryptocurrency plummeting below the all-time psychological support of $6000.
At the time of writing, Bitcoin was still languishing below $6000 combined with its market cap going under $100 billion. Just prior to the drop, Jihan Wu, the Chief Executive Officer [CEO] of Bitmain had tweeted:
“I have no intention to start a hash war with CSW, because if I do 9by relocating hash power from btc mining to bch mining.btc price will dump below yearly support; it may even breach $5000. But since CSW is relentless, I am all in to fight till death!”
Another coin that shared Bitcoin’s fate was Cardano [ADA], which saw it crash to its lowest price point in over a year. Cardano was also in the news recently when the ADA team conducted an Ask Me Anything [AMA] session to talk about the reward schemes in their stake pools.
One user asked about staking ADA using a Ledger hardware wallet and Raspberry Pi computer. To this, Jonne33, a Reddit user stated:
“Once delegated you can put your ada on Ledger or even on a paper wallet. You don’t need to be online after that (ie you don’t need raspberry pi or something). Raspberry Pi can be used initially for accessing your Ada and delegating it via Linux Daedalus client (still in development) or via different light wallets which are popping up currently.”
Ethereum [ETH] and XRP also felt the ripple from the price drop with XRP taking over Ethereum in terms of market cap. Both the cryptocurrencies witnessed double-digit weekly losses where Ethereum slid by 12% while XRP fell by a significant 18%.
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