Bitcoin leads a sharp drop lower in cryptocurrencies
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%.