Crypto Prices Slump; Bitcoin Drops Below $10,000 Level
Investing.com
Published Aug 29, 2019 13:06
Investing.com - Cryptocurrency prices slumped on Thursday in Asia, with Bitcoin down more than 5% and dropped below the key $10,000 level.
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The digital coin slid more than $600 and fell from $10,200 to $9,600 in just 30 minutes, according to data compiled by Coindesk. The reason behind the movement was not clear.
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It was the first time Bitcoin falling below $10,000 since July. The coin last traded at $9,621.8 by 1:00 AM ET (05:00 GMT), down 4.9%.
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“From our end, it looks like it was a sell-off to cash settle futures that are coming due on Friday for BTC,” said Dave Balter, chief executive of Flipside Crypto Inc., in an interview with Bloomberg.
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“It’s the week before Labor Day. Half of crypto is at Burning Man and the other half is sitting on their hands doing nothing,” Balter said.
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“Volumes are low and it takes very little to move markets right now, and you have big futures/options expirations coming up at the end of the week…I just don’t think there are a lot of investors willing to defend price right now.”
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Prices of other major cryptocurrencies also slumped today. Ethereum plunged 8.2% to $170.37, XRP was down 5% to 0.25320, while Litecoin declined 8.8% to $66.132.
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Written By: Investing.com
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