Bitcoin tumbles 5% as broader crypto market loses nearly $10 billion - MarketWatch

clicks | 5 months ago | comments: discuss | tags: cryptocurrency bitcoin

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Cryptocurrency prices are trading sharply lower on Thursday, with some major coins recording double-digital losses.
In Thursday trading a single bitcoin, BTCUSD, -5.53% the largest cryptocurrency, was fetching $3,810.53, down 5.4% since Wednesday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange. The broad-based selloff has erased close to $10 billion off the total value of all digital currencies.
“After a positive start to 2019 with prices drifting gently higher, selling returned with a bang to the cryptocurrency space, backed by a sizeable pick-up in volume. Double-digit losses were recorded in some coins, while Ripple ( the XRP coin) overtook Ether to become the second-largest token by market capitalization,” wrote Nick Cawley, analyst at Daily FX.
“The selling was accompanied by heavy turnover — just under $20 billion — normally a bearish sign, especially after the quiet market conditions this week to date. The cryptocurrency market as a whole lost just under $9 billion in one hour.”
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Altcoins, cryptocurrencies other than bitcoin, are showing significant losses early Thursday. Ether has lost 12% to $131.66, Litecoin LTCUSD, -12.74% was off 11.7% to $34.57, Bitcoin Cash BCHUSD, -9.99% was off 13.1% at $137.40 and XRP, XRPUSD, -6.31% was trading 5.9% lower at 34 cents.
Bitcoin futures have tracked spot prices lower on Thursday. The Cboe Global Markets February contract XBTG9, -6.15% XBTG9, -6.15% XBTG9, -6.15% was off 5.9% at $3,750, and the CME Group February contract BTCG9, -5.40% had shed 5.8% and was also trading at $3,750.
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Aaron Hankin Aaron Hankin is a MarketWatch reporter in New York who covers cryptocurrency and financial markets.
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