Story by: Charles Bovaird
Bitcoin declined sharply today, losing close to 8% in less than two hours.
The world’s most prominent cryptocurrency fell to as little as $12,138.37 shortly after 11:00 EDT, a roughly 7.9% drop from its intra-day high of $13,175.69 reached at roughly 09:30 EDT, CoinDesk data shows.
The digital currency then extended these losses, trading at $12,062.47 shortly after 1:30 EDT, additional CoinDesk figures reveal.
When explaining these latest fluctuations, analysts pointed to profit taking, claiming that variables such as leverage amplified the digital asset’s losses.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
“The market has risen a lot,” emphasized Charles Hayter, cofounder and CEO of digital currency data platform CryptoCompare.
As a result, “people are jumping in to take profits,” he stated.
“Bitcoin has had a hard time maintaining buying support above $13,000 per coin during the recent rally,” noted John Todaro, director of digital currency research for TradeBlock.by