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Bitcoin continued its uptrend on Thursday, after experiencing its worst daily performance on Wednesday, with traders highlighting factors ranging from technical deals to traditional market concerns affecting cryptocurrencies.
The main cryptocurrencies fell 5.5% early in the session, after falling 7.7% yesterday. They fell below the $ 10,000 level for the first time since August 1, the largest decline since July 16.
The last bitcoin was traded at 1.759%, down 1.7%
Traders say that it's hard to say what caused the losses.
Some suggest selling technical factors near the $ 10,000 level, which is widely watched.
Others argue that the concern over the recent downturn in global stock markets due to fears of a recession has shifted to cryptocurrencies, although the exact nature of the correlation of digital money with stock markets remains controversial.
Last week, Bitcoin rose due to falling stocks, which prompted some enthusiasts to claim that they were acting as a safe haven, in the manner of gold or the Japanese yen. But market participants said the gains reflected their ability to make quick gains more than any safe haven.
Other major crypto-currencies have also fallen, including the etheromoribel, which is generally strongly badociated with Bitcoin.
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