Crypto sentiment crumbles - Bitcoin falls through 10K along with many other casualties

In a matter of minutes crypto prices crashed.
There is currently a story doing the rounds that the French police stopped a bot dubbed a "crypto jacking virus".
ETC/USD is currently the worst affected down just over 11%.
USD 150 million worth of longs were also said to be liquidated at the BitMEX exchange.

Rajan Dhall, MSTA FX Daily

The intraday chart above shows the extent of the damage on cryptocurrency sentiment today.

It has not been confirmed but at the time of the crash, Cointelegraph released a story stating the French police shut down a botnet army which was said to be responsible for crypto-jacking thousands of computers across 140 countries. Some analysts are also attributing the fall to fear, as China's releases its own state-backed coin.

Volatility had been low for the last few days as BTC/USD flirted with 10K and now it seems we could have been gearing up for this massive collapse which saw USD 700 or so.

There seem to be no other fundamental catalysts at this time but the FXSteet team will keep digging.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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