Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Bitcoin, the world’s largest cryptocurrency by market value, fell 8.3% against the dollar from its 5 p.m. ET level Thursday to trade at $21,480.50. at the time of writing, biutcoin is trading at $21,458. Ether declined 9% over the same period to $1,707.97.
It was not immediately clear what knocked the value of bitcoin, ether and other digital assets lower, analysts said.
Cryptocurrencies trade largely on sentiment, making them prone to sharp swings that can be caused by selling from major holders, social-media rumors and broad market tolerance for risk in any given day.
The decline ends weeks of quiet trading where prices stabilized after falling sharply in May and June. Investors have been increasingly nervous following recent bankruptcies of crypto firms and the collapse of a stablecoin.
