Bitcoin Extends Losses, Drops Below $8,000 Level By Investing.com


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Investing.com – 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.

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