- Cryptocurrency crash extends to another day.
- Bitcoin falls below $6,000.
- Bitcoin, ethereum, litecoin, ripple, and bitcoin cash suffered double-digit percentage losses early in the session but are recovering some ground by mid-morning.
LONDON — Cryptocurrencies are still on the back foot on Tuesday.
Bitcoin briefly fell below $6,000 at around 8.00 a.m. GMT (3.00 a.m. ET) for the first time since mid-November.
Hussein Sayed, chief market strategist at FXTM, said on Tuesday morning: “The most famous digital currency has fallen 69% from December’s record high, and almost 56% from the start of the year.”
Markets Insider
Ethereum, litecoin, bitcoin cash, and ripple also posted double-digit percentage losses early on Tuesday morning. Ethereum was down 18% at one stage.
Cryptos made up some ground mid-morning in Europe but still down on the day.
Here’s the scoreboard at 12.25 p.m. GMT (7.25 a.m. ET):
- Bitcoin is down 6.2% to $6,469.25.
- Ethereum is down 8.7% to $630.33.
- Litecoin is down 7.3% to $115.47.
- Bitcoin Cash is down 7.8% to $813.31.
- Ripple is down 5.8% to $0.63.
Tuesday’s slump follows carnage in the crypto market on Friday and a market slump in early January. From a peak of $830 billion at the start of January, the global cryptocurrency market has now shrunk to $285 billion, according to data provider CoinMarketCap.com.
The latest dive comes in tandem with a global stock market rout but that appears to be uncorrelated with the crypto crash.
Commentators have been blaming fears of regulation, cooling interest from Asia, and fears over the role cryptocurrency Tether plays in the bitcoin market. Banks are also clamping down on customers buying cryptocurrencies on their credit cards.
Miles Eakers, chief market analyst at foreign exchange business Centtrip, said in an email on Monday night: “Governments across the globe continue to clamp down on retail investors speculating on cryptocurrencies, with the People’s Bank of China stating it would step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs, ‘to prevent financial risks’.”
EXCLUSIVE FREE REPORT:The Bitcoin 101 Report by the BI Intelligence Research Team.
Get the Report Now »
Leave a Reply
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
