Bitcoin Extends Losses, Drops Below $8,000 Level By

© Reuters. – Bitcoin extended its losses on Friday in Asia and fell below the $8,000 level for the first time since June.

Bitcoin lost 4.9% to $7,982.9 by 1:15 AM ET (05:15 GMT). The digital coin lost about 20% of its value this week, as disappointing launch of Bakkt, U.S. Securities and Exchange Commission’s decision to delay a Bitcoin exchange-traded product were cited as headwind for the digital coin.

There is “no good catalyst to drive it higher,” said John Spallanzani, portfolio manager at Miller Value Partners, in an Al Jazeera report.

“Market got tired and volume dried up,” he added.

Other major cryptocurrency prices also fell. Ethereum lost 2.5% to $163.46, while XRP declined 1.8% to $0.23842 and Litecoin dropped 3.4% to $54.554.

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 link

Leave a Reply

Your email address will not be published.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