Bitcoin has fallen by $US1,000 in a day

Markets Insider
  • Bitcoin fell sharply overnight, then prices slumped by another $US500 in Asian trade to around $US6,400.
  • Multiple analysts have pointed to operational changes at Shapeshift – a previously anonymous exchange – as one of the main catalysts.
  • Technical strategists said BTC would have to fall below $US5,600 before another substantial move lower.

Bitcoin is getting smoked, as significant price volatility remains in cryptocurrency markets during Asian trade.

The latest slide commenced last night, when prices slumped below $US7,000 from an overnight high of almost $US7,400.

The initial catalyst was unclear, although the selloff was exacerbated after Business Insider reported that Goldman Sachs had scrapped plans for a crypto trading desk.

A number of analysts have also pointed to reports that online exchange ShapeShift — which previously allowed peer-to-peer anonymous trading — will now require traders to register for membership.

Now during Asian trade, prices have fallen by another $US500. Bitcoin hit a low of $US6,313 this morning before rebounding to around $US6,400 — a fall of around $US1,000 from overnight highs.

From a techncial standpoint, trader Peter Brandt said on Twitter that the $US5,750 to $US5,900 range still represents key support for Bitcoin, and prices would need to break below $US5,600 before a substantial move lower.

BTC is now trading at its lowest level since mid-August, prior to an unusual spike when a major crypto trading exchange closed for maintenance.

Elsewhere, Ethereum prices briefly fell to their lowest level of 2018, and a short time ago were holding slightly above $US200.

The world’s second-biggest cryptocurrency has now lost more than 80% from a high of almost $US1,400 in December last year.

Right now it’s a sea of red across all the major cryptocurrencies. Here’s the scoreboard as at 12pm AEST.

Markets Insider

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