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Home Technology News

Bitcoin sells off after ‘halving’ fails to ignite price surge

by The Future Coin
June 15, 2020
in Technology News
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Bitcoin sells off after ‘halving’ fails to ignite price surge
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Bitcoin slid below US$9 000 on Monday for the first time since May, joining a downdraft in global equities begun during Asia hours amid growing concern about the risks of a second wave of coronavirus infections.

The largest cryptocurrency tumbled as much as 5.1% on Monday and recovered to about $9 100 as of 8.55am in London, according to consolidated pricing data from Bloomberg. For the first time since the end of April, the token dipped below its 50-day moving average, a level that’s considered a point of resistance for some traders.

Bitcoin has flirted with $10 000 since May, failing to sustain a rally above that key psychological level after the closely watched “halving” industry event that reduced the amount of the cryptocurrency earned by miners.

We tapped liquidity at the $10 000 level and are now coming back down. I expect $8 500 to hold, but if not we’re looking at $7 700…

Stocks slid globally on Monday alongside US equity futures, in an echo of last Thursday’s risk-off mode. Chinese economic data on Monday disappointed investors, with a smaller bounce back in May than economists expected. On the virus front, the US showed a pick-up in cases, Tokyo reported a jump of its own over the weekend and China is racing to contain a new outbreak in Beijing that reached nearly 100 infections.

“I think it’s definitely part of the broader sell-off that we also saw in equities last week,” said Vijay Ayyar, head of business development with crypto exchange Luno. “We tapped liquidity at the $10 000 level and are now coming back down. I expect $8 500 to hold, but if not we’re looking at $7 700 and then $7 100.”

The wider Bloomberg Galaxy Crypto Index declined on Monday as much as 6.5% as rival digital currencies including ether, XRP and litecoin also retreated.  — Reported by Eric Lam, (c) 2020 Bloomberg LP

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