Bitcoin drops below $9,000 level for the first time since May

Bitcoin slid below $9,000 on Monday for the first time since May, joining a downdraft in global equities begun during Asia hours amid growing concern about the risks of a second wave of coronavirus infections.

The largest cryptocurrency tumbled as much as 5.1% Monday and recovered to about $9,100 as of 8:55 a.m. in London, according to consolidated pricing data from Bloomberg. For the first time since the end of April, the token dipped below its 50-day moving average, a level that’s considered a point of resistance for some traders.

Bitcoin has flirted with $10,000 since May, failing to sustain a rally above that key psychological level after the closely watched “halving” industry event that reduced the amount of the cryptocurrency earned by miners.

Read more

You may also like

Comments are closed.