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Bitcoin plunges below $8,000 after 7 straight days of declines | Currency News | Financi…

21 Nov Bitcoin plunges below $8,000 after 7 straight days of declines | Currency News | Financi…

Posted at 13:15h in Cryptocurrency News by

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A trader reacts on the floor at the New York Stock Exchange (NYSE) in New York, U.S., August 5, 2019. REUTERS/Brendan McDermidReuters

  • Bitcoin plunged below $8,000 on Thursday, hitting its lowest level in nearly a month.
  • The biggest cryptocurrency has dropped for seven straight days as investors funneled money into stocks, bonds, gold, and other assets.
  • “The downward pressure is being caused by a divergence of investment strategy across all asset classes, which has created indecision and cautiousness,” Luna CEO Marcus Swanepoel wrote in a note this week.
  • Visit Business Insider’s homepage for more stories.

Bitcoin plunged below $8,000 on Thursday, hitting its lowest level in nearly a month.

The biggest cryptocurrency has dropped for seven straight days as investors have funneled money into mainstream assets.

“Volumes are low, no new money is coming into the ecosystem, and stocks/bonds/gold are all up double-digits year-to-date, which makes the non-crypto world lose focus on this emerging asset class,” Jeff Dorman, the head of investment at asset manager Arca, told Bloomberg.

“The downward pressure…

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