Bitcoin down 4.6%
Bitcoin was down 8% at the lows but has recovered a chunk of the losses and is now down just 4.6% on the day. It’s part of a crypto rout that’s hocked Ethereum 11% lower and sent Ripple down 13%.
In the bigger picture, Bitcoin remains locked in a range above $6000, where it has mostly traded since spring.
Bitcoin had been trading close to the 55-day moving average in light trade for the past two weeks but broke down today and briefly cut below the September lows before rebounding to $6200.
Crypto is stuck in a bear market has developers and investors try to find ways to implement and commercialize on early promises. At the same time, falling prices and enthusiasm have drawn away speculative money.
In terms of drivers, there are the usual rumors about Bitfinex. The company has suspended fiat deposits.