Bitcoin hits a new yearly low at the $3,388 mark driving the cryptomarket to 108 billion, down by nearly 10% in the last 24 hours. Altcoins followed as usually with their ongoing downtrend. All the market is in red except the stable coins and Bitcoin SV which is up by 20 percent in the last 24 hours.

While the market crashers furthermore Bloomberg reported many startups shutting down or reducing staff because of funding problems.

Another recent event before the last drop was the Securities and Exchange Commission delay of the VanEck’s ETF which was postponed until February 2019. This was not a surprise as SEC has done this in the last minute with all the other ETF applications in the past.

Technicals remain in favor of the bears in the near term.