Bitcoin Follows Stocks Down, Shake Out Continues

Bitcoin Follows Stocks Down, Shake Out Continues

Bitcoin Follows Stocks Down, Shake Out Continues

$BTCUSD $CME, $CBOE

Digital currencies lost ground Wednesday as overall market sentiment waned, pushing the price of Bitcoin back under $11,000.

After trading above $11,700 late Tuesday evening, the price of the #1 digital currency by market cap, Bitcoin lost more than $1,500, trading to a session low of $10,244.32 before trading at $10,324.41 on Wednesday afternoon, down 8.1%.

Currently, Bitcoin is trading at: 10,752.687500, -358.423828, or -3.225803% as of 7:31a GMT, the market is open.

After nearly 2X’ing in price since the 6 February low of $5,947.40, traders are taking some profits.

This rebound took a lot of pressure off of the action, but we are seeing overhead resistance in here.

In other cryptocurrency news

Ether slipped to a 1-week low, falling 6.3% to $836.63.

Bitcoin cash was down 7.2% at $1,322

Litecoin was lower by 9.2% at $211.88, and

Ripple’s XRP coin was trading at $1.02, down 5.9%, according to the data

In other developments

The debate about the utility of cryptos got its latest critic when Bank of England Gov. Mark Carney said Bitcoin had “pretty much failed” as a currency.

In Bitcoin futures, the Cboe Global Market’s March contract XBTH8, +2.80% closed down 11.6% at $10,340 and the CME Group Inc. BTCG8, +3.18%  February contract settled 11.7% lower at $10,370.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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