Cryptocurrencies fall to session lows

Bitcoin is down by more than 6% and Ripple is now down by close to 15% on the day. The sentiment just keeps getting worse, as prices continue to fall.

Support levels can only hold on for so long when sentiment is this bearish. On the GDAX exchange, Bitcoin is closing in on yesterday's low of $8,400.

Economist Lars Christensen seems to have an idea as to one of the reasons for the extended decline in Bitcoin:

But you don't need to be an economist to tell how ugly things are when you look at the way the price is going based on the daily chart:

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