Home Bitcoin Bitcoin crashes below $10k as euphoric rally peters out

Bitcoin crashes below $10k as euphoric rally peters out


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For the second straight day, cryptocurrencies are retreating, with all major digital currencies in the red Thursday.

The No. 1 digital currency, bitcoin

BTCUSD, -2.39%

 has slumped back below support at $10,000, just 36-hours after making a run at $12,000. Bitcoin has hit a session low of $9,942.29 and is now trading down 4.9% at $9,993.79.

“Bitcoin continues to be a volatile as ever, having almost double in price in two weeks since bottoming around $6,000 on 6 February,” Craig Erlam, Senior Market Analyst at Oanda said in a note.

“It now finds itself testing $10,000 from above, a level that is providing some support in the near term. Sentiment remains extremely fragile in cryptocurrencies and I’m not convinced it’s yet recovered from what was a nasty selloff around the turn of the year.”

Elsewhere, Ether, which runs on the Ethereum network is down 2.3% at $831.13, Bitcoin cash has lost 4.9%, trading at $1,246.16, Litecoin is down 4.1% at $204.99 and Ripple has slipped below $1, trading at $0.98, down 3.8%.

Adding to crypto woes is more backlash from officials. Yesterday Bank of England Gov. Mark Carney told Reuters that bitcoin has failed as a currency and doesn’t represent a store of value.

Read: Bitcoin ‘has pretty much failed’ as traditional money, says Bank of England’s Mark Carney

Futures markets have begun the day in the red too. The Cboe Global Market’s March

XBTH8, -2.51%

 is down 4.5% at $9,920 and the CME Group Inc.

BTCG8, -2.75%

February contract is trading at $9,930, down 4.2%.

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