The Bitcoin Sell-Off Is Back, With Ethereum And Ripple’s XRP Bleeding Hard-Here’s Why (forbes.com)
Bitcoin sell-off insight from Forbe’s Billy Bambrough
The bitcoin price has lost some 6% since the weekend, with ethereum down by 11% and ripple, a common name for the XRP digital token, off by 10% over the same period, according to the latest prices on CoinMarketCap, which tracks most major cryptocurrencies.
The renewed bitcoin sell-off, which has seen the bitcoin price fall as low as $3,322 in the last 24 hours on the Luxembourg-based Bitstamp exchange, comes as big banks and major financial institutions repeat stark warnings over the future of cryptocurrencies-and the latest data suggests more pain to come for bitcoin, ripple, and ethereum.
Analysis shows the last time the technical indicator sent a sell signal bitcoin dropped sharply, from around $6,300 per coin to $3,100, in just two weeks.
“Traders are taking their foot off the gas for a bit. Short positions on bitcoin have come down pretty drastically over the last two months whereas long positions haven’t increased by much.”
U.S. banking giant and long-time bitcoin and cryptocurrency skeptic J.P. Morgan last week warned those buying bitcoin to diversify from stocks and other assets may want to reconsider.
Bitcoin’s epic 2017 bull run, which saw the bitcoin price climb from under $1,000 to almost $20,000 in less than 12 months, was largely put down to expectations institutional investment and big bank support for bitcoin would soon arrive.
It’s not all bad news for bitcoin, ethereum, ripple and other major cryptocurrencies, with some pointing to bitcoin’s growing transaction rate as a cause for celebration.
Original post reduced by: 66%
Read the full story here.
Related story: Bitcoin Falls Below $3,500 as Fresh Downturn Hits Cryptocurrency Markets (cointelegraph.com)
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