Warning: session_start(): open(/tmp/sess_1c08c024a9fd74f72a8d388187ffc4f0, O_RDWR) failed: Disk quota exceeded (122) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php on line 83

Warning: session_start(): Failed to read session data: files (path: /tmp) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php on line 83

Warning: Cannot modify header information - headers already sent by (output started at /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-social-login/class.jnews-social-login.php:83) in /home/customer/www/thefuturecoin.com/public_html/wp-content/plugins/jnews-weather/class.jnews-weather.php on line 70
Bitcoin Falls More Than 8% As Crypto Markets See Red – The Future Coin
The Future Coin

Bitcoin

$56,880.58

BTC 1.84%

Ethereum

$2,245.67

ETH 2.43%

XRP

$1.48

XRP 11.47%

Litecoin

$275.88

LTC 5.19%

EOS

$7.23

EOS 7.53%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Bitcoin News

Bitcoin Falls More Than 8% As Crypto Markets See Red

by The Future Coin
June 12, 2020
in Bitcoin News
0
Bitcoin Falls More Than 8% As Crypto Markets See Red
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Bitcoin, a digital currency, against a blue background.

Bitcoin prices declined today, as many cryptocurrencies were in the red. (Photo by Chesnot/Getty … [+] Images)

Getty Images

Bitcoin prices dropped by more than 8% today, approaching the $9,000 level as digital currency markets suffered widespread losses.

The world’s most prominent cryptocurrency fell to as little as $9,108.47 close to 1 p.m. EDT, CoinDesk figures show.

At this price, it had declined more than 8.5% in less than 24 hours, after rising to $9,962.18 the night before, additional CoinDesk data reveals.

The largest digital currency by market capitalization was not alone, as at the time of this writing, all of the top 10 cryptocurrencies were in the red, with 9 in 10 being down at least 5%, according to CoinMarketCap.

Digital currencies were not the only asset class to record losses today, as stocks experienced notable declines.

The S&P 500 index, for example, dropped nearly 6% today, Google Finance data showed.

Widespread Sell-Off

There was a massive decline “in the equity markets today, with large cap U.S. stock indices plunging more than 5-6%,” said John Todaro, director of digital currency research for TradeBlock.

“There was a general flight to cash today, with even gold ETFs trading down. Bitcoin and other cryptocurrencies were not immune to the sell-off and in a heightened correlation between assets, nearly everything traded lower,” he noted.

Other analysts provided similar perspectives, with Avi Felman, head of trading at BlockTower Capital, stating that:

“The recent sharp drop in the equity markets is rattling investors who have watched Bitcoin struggle to break 10,000 even in a risk on market.”

“Now that equity markets are suggesting there may be continued downside, digital asset investors are reminded of the last time equity markets fell out (which coincided with a large bitcoin drawdown) and are selling out of fear about a potential resumption of the equity bear market,” he claimed.

Denis Vinokourov, head of research for London-based digital asset firm Bequant, also spoke to the widespread declines, attributing them to bearish forecasts for the job market and the recent dovish comments made by the Federal Reserve.

Because of these factors, “stocks fell across the board and it appears that crypto markets are once again not immune when it comes to cash crunches and margin calls.”

“The move is likely exacerbated by already bearish market positioning seen in the options market,” he said.

Hugo Renaudin, CEO and co-founder of LGO, summed these comments up nicely, stating that “cash is still king, and when the uncertainty on future prospects rise, investors favor cash over ‘risky’ assets.”

“This happens across any market from equity to bitcoin: when markets go down, correlation goes to one.”

Technical Factors

While the aforementioned analysts primarily focused on factors like a decline in equities and a flight to cash helping fuel losses in bitcoin, analyst Marouane Garçon spoke to technical factors.

“This tends to be the norm whenever Bitcoin gets close to $10,000,” he stated.

“It’s a very strong resistance. I was expecting this.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.

Source link

EDITOR’S CHOICE

You Can Now Earn Ethereum 2.0 Staking Rewards on Coinbase

Ethereum Could Reduce Fees With Batch Transactions

Ethereum Rival Polkadot Futures Suffer 99% Flash Crash—Forcing Binance To Enact Fresh Controls

Global Crypto Investment Fund FD7 Ventures to Sell $750M USD Worth of Bitcoin to Increase Cardano and Polkadot Holdings

Coinbase Files for Direct Public Listing With SEC – Cryptocurrency Regulation

Tanla to take Blockchain platform Trubloq abroad

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 56,859.00
ethereum
Ethereum (ETH) $ 2,249.50
binance-coin
Binance Coin (BNB) $ 527.73
xrp
XRP (XRP) $ 1.50
tether
Tether (USDT) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.337073
cardano
Cardano (ADA) $ 1.30
polkadot
Polkadot (DOT) $ 37.77
bitcoin-cash
Bitcoin Cash (BCH) $ 999.97
litecoin
Litecoin (LTC) $ 274.75
vechain
VeChain (VET) $ 0.270087
chainlink
Chainlink (LINK) $ 40.62
uniswap
Uniswap (UNI) $ 31.83
stellar
Stellar (XLM) $ 0.559530
usd-coin
USD Coin (USDC) $ 1.00
theta-token
Theta Network (THETA) $ 12.22
filecoin
Filecoin (FIL) $ 162.00
tron
TRON (TRX) $ 0.146650
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 56,756.00
neo
NEO (NEO) $ 123.32
solana
Solana (SOL) $ 30.49
eos
EOS (EOS) $ 7.28
iota
IOTA (MIOTA) $ 2.38
klay-token
Klaytn (KLAY) $ 2.64
binance-usd
Binance USD (BUSD) $ 0.998793
bitcoin-sv
Bitcoin SV (BSV) $ 330.56
monero
Monero (XMR) $ 344.67
crypto-com-chain
Crypto.com Coin (CRO) $ 0.223130
bittorrent-2
BitTorrent (BTT) $ 0.008485
terra-luna
Terra (LUNA) $ 13.67
cosmos
Cosmos (ATOM) $ 21.62
aave
Aave (AAVE) $ 391.33
tezos
Tezos (XTZ) $ 6.35
okb
OKB (OKB) $ 17.63
ethereum-classic
Ethereum Classic (ETC) $ 37.21
ftx-token
FTX Token (FTT) $ 51.50
algorand
Algorand (ALGO) $ 1.49
compound-ether
cETH (CETH) $ 45.03
pancakeswap-token
PancakeSwap (CAKE) $ 24.55
avalanche-2
Avalanche (AVAX) $ 29.51
kusama
Kusama (KSM) $ 415.95
thorchain
THORChain (RUNE) $ 15.94
nem
NEM (XEM) $ 0.413528
dai
Dai (DAI) $ 0.999329
compound-usd-coin
cUSDC (CUSDC) $ 0.021951
elrond-erd-2
Elrond (EGLD) $ 189.91
holotoken
Holo (HOT) $ 0.018096
dash
Dash (DASH) $ 321.44
maker
Maker (MKR) $ 3,590.05
huobi-token
Huobi Token (HT) $ 17.96