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Bitcoin fell 8.7%, while other digital coins like Ether posted double-digit percentage declines.
Bitcoin and other digital currencies plunged on Thursday, a slide that may fuel speculation about the sustainability of the cryptocurrency boom.
Bitcoin fell 8.7%, the most since early August, while other digital coins like Ether posted double-digit percentage declines.
The Bloomberg Galaxy Crypto Index at one point slipped more than 6%.
“The terms are very massively overbought and doomed to correction,” said Vijay Ayyar, business development manager at Crypto Exchange Luno.
“So I don’t think that’s frankly unusual. I still believe we will see all time highs before a bigger drop / correction. “
Even with retirement, Bitcoin has more than doubled this year and until recently was knocking on the door of the record high of $ 19,511 set in 2017. Crypto believers tout the purchases by retail investors, institutions and even billionaires. , as well as looking for a hedge against a weak dollar, as reasons why the boom may last.
Skeptics say the famous cryptocurrency volatility portends a repeat of what happened three years ago, when the boom turned into an epic collapse.
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