RATE Group | Bitcoin sinks as cryptocurrency sell-off gathers pace
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Bitcoin sinks as cryptocurrency sell-off gathers pace

27 Nov Bitcoin sinks as cryptocurrency sell-off gathers pace

Posted at 01:25h in Cryptocurrency News by

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NEW YORK (Reuters) – Bitcoin plunged more than 12 percent on Monday, extending falls in recent weeks in a broad-based selloff in digital currencies as sentiment sours.

FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/File Photo

Several factors have accelerated the downturn, analysts said, including increased U.S. regulatory scrutiny and a delay to January 2019 of the widely-anticipated launch of bitcoin futures by Bakkt, Intercontinental Exchange’s crypto platform.

“These factors coupled with lukewarm network fundamentals and reports of falling adoption of crypto as a tool for services such as payments, have led to strong selling pressure against a lack of buying resistance — to a point of apparent capitulation,” said Aditya Das, analyst at Brave New Coin, a crypto asset market data company.

Bitcoin fell to as low as $3,519.94 on the Bitstamp platform, after earlier…

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