Bitcoin Slumps 11%, Still Set for Weekly Gains; Other Major Crypto Also Plunge

© Reuters.  © Reuters.

Investing.com – Prices of Bitcoin plunged 11% after a strong recovery in recent weeks that sent it to 10-month highs.

traded at $7,185.9 by 12:49 AM ET (04:49 GMT), down 11.48%.

The cryptocurrency slumped as much as 20% on Friday. It was the largest one-day percentage loss since November 19, 2018.

The reason for the plunge was not clear, but some cited ongoing profit taking as the catalyst for the selling.

Capital outflows from major crypto exchanges have exceeded inflows by about $622 million over the past five days, Bloomberg reported on Wednesday, citing data from TokenAnalyst.

Some other reports attributed the sell-off to a massive sell order placed on Bitstamp, which cited the fact that there has been an over $500 gap between Bitcoin’s price during this dump.

Despite today’s fall, Bitcoin has seen a rise in value over the past seven days, as it gained 23.04%.

The popular cryptocurrency previously record a sixth-straight weekly win, with some analysts said there are further room for gains.

Long-term fundamentals, as well as medium-term monetary policies, all contribute to a bullish environment for Bitcoin, according to Max Keiser, host of the Keiser Report, who maintained his $100,000 price target.

As of today, Bitcoin is still down about 60% from its all-time high of $19,870.62 set on December 17, 2017.

Other major cryptocurrencies also plunged today.

fell 7.02% to $243.34, was down 16.52% to $0.38591, and slumped 5.30% to $90.051.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com Canada

Subscribe to Money News Alerts

This article by Money News National is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Money News National has no position in the stocks mentioned. Thank you for reading.

__________________

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

LEAVE A REPLY

Please enter your comment!
Please enter your name here