Bitcoin Sinks Further, Crypto Sell-off Continues
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Bitcoin was seen plunging as much as 12 percent this week to a low of $3,519 on Bitstamp as the selloff in the cryptocurrency market gains momentum.
Analysts have said that a number of factors had fueled the downturn, including increased US regulatory scrutiny and the delayed launch of Bakkt’s widely-anticipated Bitcoin Futures.
Brave New Coin analyst Aditya Das said that in addition to these, lukewarm network fundamentals and the slowing adoption of cryptocurrency as a payment tool have significantly increased selling pressure.
Source: Reuters