- Bitcoin is selling off aggressively on Friday spil investors contant out before Christmas.
- The sell-off has spread into other cryptocurrencies.
- Litecoin, ether, and bitcoin specie have seen losses of double-digit percentages.
LONDON – Major cryptocurrencies around the world are selling off aggressively on Friday spil the market is gripped by what one analyst described spil “fear, uncertainty, and doubt.”
The price of bitcoin crashed overnight with no apparent catalyst, with the general lack of liquidity te the market exacerbating that budge and wiping spil much spil $Four,600 off the cryptocurrency’s value te early European trading.
Earlier te the week, bitcoin’s price embarked to plunge after one of the founders of the influential webstek Bitcoin.com announced he would sell his stake te bitcoin.
“It’s clear by now that the entire crypto market is te a massive retracement,” Mati Greenspan, a senior market analyst at the trading toneelpodium eToro, said te an email.
“It began with a bit of profit taking, but it seems that the FUD” – fear, uncertainty, and doubt – “is now gripping the market,” Greenspan said.
While bitcoin’s druppel wasgoed the very first to accelerate, its fall has spilled into other major cryptocurrencies, with the likes of ether and bitcoin specie also eyeing massive losses during Friday’s trading session.
Here’s a geschreven roundup of how things look ter the market right now:
Bitcoin is down more than 11%, having dropped more than $Four,000 – but it has found support at about $11,600 spil of Two.40 p.m. GMT (9:40 a.m. ET):
“Looking at the overall cryptomarket, wij’re now 25% from the top,” Greenspan said. “Timewise, wij’re back to the levels last seen on December 13th. All ter all, not too much harm so far, but the fear is certainly setting ter with many, and there is a possibility to go further.”
Ether, a widely recognisable cryptocurrency powered by the Ethereum blockchain, is down by a similar margin.
And here’s bitcoin specie, which forked from bitcoin earlier ter the year:
Litecoin – whose creator, Charlie Lee, earlier this week exited his entire stake ter the digital currency, citing a “conflict of rente” – also plunged on Friday:
“Has the bubble eventually popped? It’s hard to see the bell tolling just yet,” said Neil Wilson, an analyst at ETX Capital. “Large price swings have become so normal that it’s hard to determine – wij can lightly see this market bounce back ter very brief order.”
He added: “Whilst there have bot some hacks, public infighting te the mining community, lots of rumoured forks, and regulatory pressure building on some fronts, this is likely to be a elementary moerbout of risk-off selling spil investors rebalance towards year-end.”