Bitcoin falls to $7616
Bitcoin closed at $8585 on Friday but has skidded throughout the weekend and is trading at $7616, a drop of slightly more than 10%.
It’s a continuation of the decline from the double top just shy of $1200 in February and March. The pain is worse elsewhere with Ethereum down 17% on Sunday alone, to the worst since December.
The slide in the past two weeks accelerated after Google opted to ban most crypto ads. It makes sense that Ethereum would be harder hit because it’s used in many ICO pre-sales.
The latest round of selling could also be about worries (FUD if you prefer) about this week’s G20 summit. Crypto is on the agenda and regulators are likely to raise a skeptical eye.
That said, it will be only talk and I sense we could have a bit of sell-the-rumour, buy-the-fact at the end of the week.
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