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Bitcoin Price Tumbles 10% as Crypto Markets Flash Red

Cryptocurrency NewsJan 10, 2019 01:45PM ET
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© Reuters.

The price of bitcoin fell more than 10 percent during Thursday's trading session as the cryptocurrency erased a large portion of its recent gains.

At 6:00 UTC, bitcoin opened the trading hour at a price of $4,018, but fell to $3,748 before the hour was complete. After trading sideways until 16:00 UTC, the sell-off accelerated to a low of $3,570, according to CoinDesk pricing data.

Bitcoin's current price of $3,610 reflects a $367 difference and more than 9 percent drop from its 24-hour opening price of $3,995, CoinDesk data further reveals.

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Bitcoin Price Tumbles 10% as Crypto Markets Flash Red
 

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Leroy Jenkins
Leroy Jenkins Jan 10, 2019 10:32PM ET
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The price of Crypto always reflects the action of crypto-whales shorting the market. That is how they make money, that is how it will be until it goes to $0 , the people who were true early adopters pre-2013 know that eventually the crypto fate is sealed so beyond making money past the 2017 spike involved taking it from the mass of small investors who will fall for the speculation until the inevitable happens. Also, it is very funny to hear people talking about any particular one coins price action as if it is not directly correlated to the manipulations of all the coins at large. The only way to stop the manipulation would be to regulate short selling but the whales would never want that and spend millions defending their right to fleece the easily tricked investors
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