Cryptocurrencies take a sudden lurch lower as Bitcoin declines
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Cryptocurrencies dropped on Thursday as Bitcoin gave up the $4,000 level it’s hovered around since the start of the year.
The largest digital currency slumped as much as 6.2% in the European morning, erasing an earlier small gain to trade at $3,785.17 at 9:28 am in London.
The Bloomberg Galaxy Crypto Index, a gauge of the largest cryptocurrencies, fell 7.7% as Bitcoin’s rival tokens, including Ether, Litecoin and XRP, also retreated.
Timothy Tam, co-founder and CEO of CoinFi, a cryptocurrency research firm in Hong Kong, said while there wasn’t an immediate reason for the abrupt sell-off, he did notice a large transfer of about 40,000 Ether into an exchange an hour before the drop.
“Usually transfer of Ethereum onto an exchange indicates an intent to sell, and if there is a sell-off on one exchange it compounds like dominoes to another because arbitragers will sell immediately on the other exchanges as well,” he said.
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