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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.

Author

Eren Sengezer

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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