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Bitcoin Correction Enters Third Day, Heading Back Towards $10,000

© Reuters.
© Reuters.

Investing.com – Bitcoin fell towards $10,000 on Monday as the correction from close to $14,000 entered a third-straight session.

slumped 9.2% to $10,320.2 on the Investing.com Index by 10:14 AM ET (14:14 GMT).

Starting on June 11, bitcoin underwent a two-week rally that saw the alt coin surge slightly more than $6,000.

While some analysts attributed the move to a variety of bullish factors that were interpreted to show a wider acceptance of cryptocurrencies in general – including Facebook’s plans to launch its own digital currency Libra or the recent regulatory approval of LedgerX’s bitcoin futures contract – others showed concern that the surge was reminiscent of the frenzied rally to nearly $20,000 before plunging to nearly $3,000.

After hitting an intraday 2019 high of $13,929.8 last Thursday, bitcoin has traded lower for four out of the last five days, off more than 25%.

Cryptocurrencies overall traded lower on Monday. The total cryptocurrency market capitalization dropped to $306.35 billion, compared to $316.44 billion a day earlier.

Among bitcoin’s closest rivals, fell 5.6% to $283.67, fell 2.5% to $0.39658, slid 10.8% at $117.677, while traded down 5.0% to $393.26.

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.

Source: investing.com
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