Cryptocurrencies Falling Through Key Supports
Bitcoin and other digital currencies trading lower Tuesday, with Bitcoin notching its worst daily decline in 3 weeks.
The price of a single bitcoin BTCUSD, -0.72% was down as much as 6%, breaking out of a short-term trading band of $7,800-$8,200. Bitcoin last changed hands at $7,725.26, down 5.3% since Monday at 5:00p EDT on the Kraken crypto exchange, and is on track for its worst daily slide since 10 July, when it booked a 5.5% drop.
“The retail investor that has been forced to perpetually adjust their decisions in response to the market has likely lost the patience to continue making rational decisions. This investor has likely entered into a period of extreme decision fatigue,”
“The long-term implications of this change of behavior can be theorized and debated for months. We, however, choose to view this decision fatigue as a possible signal that the irrational exuberance is coming to an end and that the market fundamentals are now shaping up to a point that will see rational speculation drive price action in a more orderly manner.”
Altcoins, or coins alternative to Bitcoin, have followed Bitcoin’s lead Tuesday.
The overall decline in cryptocurrencies has pushed the value of all digital currencies to $277-B, a 10-day low.
Ether ETHUSD, -0.41% was down 4.7% at $432.33
Bitcoin CashBCHUSD, -0.84% is trading down by 5.1%, at $770.60
Litecoin LTCUSD, +0.49%is down 5% to $78.26 and
Ripple’s XRP coin XRPUSD, -0.08% was trading at 44 cents, down 2%.
Bitcoin futures finished Tuesday in the Red.