Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Bitcoin, Litecoin Down More Than 10% as Fund Outflows Renew

Published 02/21/2018, 05:03 PM
Updated 02/21/2018, 05:03 PM

Investing.com – Bitcoin fell sharply on Wednesday as investors appeared to cash in on the popular digital currency’s recovery from its recent low of $6,000.

The steady trend of new fund inflows into the cryptomarket that underpinned a rebound in cryptocurrencies came to halt Wednesday as the total cryptocurrency market cap fell to about $453 billion, at the time of writing, down 12% from about $510 billion Wednesday.

Some cited technical resistance – trading levels that trigger selling – as a reason for the selloff after bitcoin rose to nearly $12,000 Wednesday on the bitfinex exchange.

Selling was seen across the board as Ethereum, Ripple and Bitcoin Cash fell sharply.

Bitcoin fell 12.23% to $10,280 while Litecoin fell 15.07% to $207.05 as the latter gave back some of its gains which followed a split or “hard fork,” creating rival Litecoin Cash.

Investors had piled into Litecoin in the days leading up to the hard fork in anticipation of receiving free Litecoin Cash coins, which was distributed, at the time of the fork, to any user "hodling" Litecoin.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.