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

© Reuters.  © Reuters. – 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.

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Source: Canada

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