- Something sparked a crypto selloff at around midday (AEST).
- Bitcoin is down by around 5%, with the price action varying significantly between exchanges.
Crypto markets held steady overnight as US stocks had their biggest fall since February.
But something has spurred a selloff in Asian trade, with Bitcoin and the other major alt-coins seeing falls of between 5-10%.
It’s coincided with a bloodbath on stock exchanges across Asia, as China’s Shanghai Composite index fell by 3% at the open (12:30pm AEST).
At around midday Australian time, Bitcoin dipped sharply from around $US6500 to $U6200 — its lowest level this month.
The price action is moving fast but here’s a look at the fall:
The four other major alt-coins — Ethereum, Bitcoin Cash, Ripple and Litecoin — were all down by around 10%.
Because crypto prices are still calculated as a composite figure across different exchanges, the volatility immediately opened up arbitrage opportunities across different exchanges:
not surprisingly, major arbitrage opportunities on the way down and even now pic.twitter.com/1ANWF8P2Eu
— David Weisberger (@daveweisberger) October 11, 2018
A short time ago, data from investing.com showed that on Gemini — the US-based exchanged of the Winklevoss twins — BTC/USD had fallen below $US6200.
Meanwhile, prices on Binance — reputed to be the largest exchange in the world by trading volume — were holding above $US6360.
Here’s a summary of the broader moves on crypto markets among the major alt-coins:
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