For the second straight day, cryptocurrencies are retreating, with all major digital currencies in the red Thursday.
The No. 1 digital currency, bitcoin
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
is down 4.5% at $9,920 and the CME Group Inc.
February contract is trading at $9,930, down 4.2%.
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