Bitcoin leads a sharp drop lower in cryptocurrencies

Author: Adam Button | Category: Cryptocurrency

Quick crypto slump

Quick crypto slump
Cryptocurrencies are under pressure with some falling close to 10% after Bitcoin broke below $8300.

There isn't any news behind the drop but note that the 100-day moving average is falling below the 200-dma today, creating a death cross. They crossed over positively in May ahead of the run from $7000 to nearly $14,000.

The drop today came almost entirely in the past hour as $8300 broke. It fell as low as $8033 before bids at the big figure led to the current bounce to $8155. In the bigger picture, nearly the entire China-driven bounce has now been erased.

After sharper drops, Litcoin is now down 7% while ETH is down 4% and XRP down 5%.

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