Cryptocurrencies extend the rout, Bitcoin down -10% to test $ 10000

Dhwani Mehta FXStreet

Bitcoin, the world’s best known digital currency, prolongs its downward trajectory into a third day today, with the bears now looking to test two-month lows of $9,231 reached last Wednesday. As of writing, the spot sinks -10% to 10,345, extending the retreat from just ahead of the $ 13k mark.

This week’s sell-off gathered pace after it was reported that Taiwan may include Bitcoin trading in anti-money laundering rules. Moreover, the comments from the Wall St Veteran and Chief Investment Officer of Bleakley Financial Group, Peter Boockvar, exacerbated the pain in the cryptocurrency. Boockvar noted that that 90% of Bitcoin’s value could get wiped out, also added to the weight on the prices.

Additionally, the latest report citing that the South Korean regulator is planning to make sure local banks only allow account by users' real-name in cryptocurrency transactions, further intensified the selling pressure on the digital currencies. The latest move is part of a series of demands from South Korea to clampdown on Bitcoin. The South Korean President Moon Jae-in recently warned that virtual currencies are causing mass “confusion” across the nation.

Elsewhere, the US Securities and Exchange Commission (SEC) temporarily suspended trading the shares of a small firm that utilized the rising popularity of blockchain technologies to raise its stock prices, Express News reported.

Bitcoin’s rivals also maintain heavy selling bias, with Ethereum down -6.89% at $ 988, Ripple slumps -6.52% while Bitcoin cash loses -10%, according to the CoinMarketCap data. Meanwhile, the cryptocurrency market cap fell to $ 523 billion versus $ 563 billion seen a day before.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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