Bitcoin slumps below $4000, trades in tight range
|After advancing to its highest level since late November near $4400, Bitcoin lost its traction and eased below the $4000 mark. Following a $250 drop on Tuesday, the BTC/USD extended its slide today and touched a daily low near $3800. As of writing, the pair was trading at $3900, down 0.5% on a daily basis. According to the latest available data on Coinmarketcap.com, the total market capitalization of Bitcoin stands a little over $66 billion.
Despite a lack of clear catalysts that may have triggered a sell-off, the mood surrounding cryptocurrencies seems to have soured following reports regarding Bitcoin mining giant Bitmain's and Singapore-based cryptocurrency exchange Huobi's layoff plans.
In a published statement, a Bitmain representative said: "There has been some adjustment to our staff this year as we continue to build a long-term, sustainable and scalable business. A part of that is having to really focus on things that are core to that mission and not things that are auxiliary.” Meanwhile, a Bitmain staff, via Twitter, claimed that the company would lay 50% of its entire staff off. On the other hand, no details have been revealed about Huobi's plans yet.
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