Bitcoin Falls Below $56,000 In Longest Crash Since May

• Bitcoin continued its slump for the 5th consecutive day, falling below $56,000 and marking its longest falling streak since May

• The broader market including Ether, Solana, Ripple, and meme coins also suffered the same fate

• The slump comes about a week after the flagship cryptocurrency hit a new all-time high of $69,000

Bitcoin continued its slide on Friday morning, crashing below $56,000 for the first time since early October.

The world’s largest cryptocurrency by market cap has been on a continuous falling streak for 6 days, its longest since May 16. The streak was extended because unlike traditional assets, cryptos of trade on weekends.

On Friday morning, BTC was down by more than 6% and it is down by almost 16% from its all-time of $69,000 that was attained last week.

In addition to Bitcoin’s continuous fall, altcoins such as Ether, Solana, Ripple and Litecoin also crashed on Friday.

Cryptocurrency strategists have attributed the market crash to a number of reasons including regulatory crackdowns.

Chartists also believe that a dip was expected following the coins run to record highs in the past weeks.

$54,500 has been earmarked as a level of key support for the flagship cryptocurrency if it continues to crash.

Matt Maley, chief market strategist for Miller Tabak + Co however predicted it will take a fall below $50,000 for serious concerns to be raised.

Read also: Cryptocurrency Easily Explained In 4 Minutes

Ether is also down 2.87% in the past 24 hours and 14% since Sunday after rallying above $4,700 last week.

At the moment, Bitcoin and Ether are up significantly this year as the leading cryptocurrencies started the year on $28,000 and $700 respectively.

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