Story by: Charles Bovaird
Bitcoin prices declined sharply overnight, losing more than 8% as momentum stalled.
The cryptocurrency fell to $9,904.60 around 9 a.m. EDT, down 8.5% from the previous intra-day high of $10,824.49, CoinDesk figures reveal.
The digital asset then extended these losses, reaching $9,864.14 around 12:00 p.m. EDT, additional CoinDesk data shows.
[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.]
These declines took place as the world’s most prominent digital currency “has had a difficult time maintaining momentum to stay above key levels in recent weeks,” said John Todaro, director of digital currency research for TradeBlock.
Todaro emphasized the key role played by investor sentiment, pointing toward this variable when explaining bitcoin’s recent price movements.
“Sentiment has drifted lower as a sustained push higher has been halted, while alt-coin sentiment has been low for several weeks now as alt prices continue to decline,” he stated.
His claim is supported by the latest figures from alternative.me‘s Fear & Greed Index, which displayed a reading of 11 today, pointing to extreme fear. The index’s values range between zero (for extreme fear) and 100 (for extreme greed).by