Bitcoin falls 8per cent, traders cite technical moves in thin liquidity

Bitcoin falls 8per cent, traders cite technical moves in thin liquidity

Bitcoin fell more than 8per cent on Wednesday, plumbing to a five-day low, with traders and analysts ascribing the losses to technical trading in thin liquidity.

FILE PHOTO: Bitcoin.com buttons are seen displayed on the floor of the Consensus 2018 blockchain te
Bitcoin.com buttons are seen displayed on the floor of the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018. REUTERS/Mike Segar/File Photo

LONDON: Bitcoin fell more than 8per cent on Wednesday, plumbing to a five-day low, with traders and analysts ascribing the losses to technical trading in thin liquidity.

The biggest cryptocurrency by market capitalisation was last down 7.6per cent at US$9,936, after touching US$9,926 earlier. Traders said there did not appear to be a specific news catalyst for the moves, with some citing the possibility of large individual orders pressuring the broader market lower.

Other major digital coins such as Ethereum and Ripple's XRP also fell by around 7per cent.

(Reporting by Tom Wilson; Editing by Saikat Chatterjee)

Source: Reuters

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