22 Nov Bitcoin plunges to six-month low | News
[ad_1]
Bitcoin’s sell-off deepened on Friday, putting the digital token at the lowest level since May, after it dropped below yet another key support level.
The world’s most-traded cryptocurrency declined as much as 11% to $6,798, before trimming losses. Alternative coins such as Ether and Litecoin also slumped. For the first time since April, Bitcoin fell below its 200-day moving average without bouncing back, a signal that traders see the breach as a sign of weakness rather than an opportunity to buy.
Feeding the anxiety were lingering concerns about the status of exchanges such as Binance Holdings Ltd. in China after officials there formally announced a crackdown on crypto-related businesses. Binance has denied reports of a police raid of offices in Shanghai, saying it doesn’t have formal operations there as of now.
“There’s been a general apathy in the market, and low sentiment,” said Mati Greenspan, the ex-senior market analyst at eToro in Tel Aviv. “There was excitement when…
[ad_2]
Source link