Etherium News

Bitcoin Sinks 24% on Profit-Taking as Bears Attempt to Breach $10,000

© Reuters.
© Reuters. – Bitcoin retreated sharply from multi-month highs on Thursday as traders appeared to take profits on the recent surge in the popular currency.

Bitcoin fell 23.70% to $10,928 from a session high of $13,422.

The sharp fall in bitcoin served as a stark reminder of the violent swings prevalent in the crypto market, which many have long pointed to as one of the key characteristics that limits adoption of the popular crypto as a form of payment.

Crypto watchers struggled to pin down a reason for the slump, but some suggested that traders were locking profits given bitcoin’s more-than-30% rally over the past week.

“Whales profit taking. Healthy pullback, even though overly volatile. Unsurprising given the prior 22% daily run higher,” economist and trader Alex Kruger told CCN.

The sharp downturn in Bitcoin was met with buying pressure around the key $10,000 level, raising hopes that a successful defense of the level may keep the bears at bay.

Still, the 14% decline in bitcoin’s market cap, often used to gauge demand, to $193 billion in just 24 hours, suggests fresh fund inflows are needed to mount another charge higher,

Other cryptos, meanwhile, followed bitcoin lower. fell 3.8% to $0.40843, slumped 20% to $294.19 and plunged 16% to $117.30.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

View original post

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button