Cryptocurrency markets dropped on Tuesday and Wednesday, before a slight pickup during late US and Asian trading on Wednesday. But the rollercoaster price action doesn’t appear to be over, with major cryptocurrencies falling again during morning trade in London.
The most notable drop is Ethereum, which has fallen back below the psychologically significant level of $1,000. The cryptocurrency is down over 4% at 8.20 a.m. GMT (3.20 a.m. ET). Bitcoin is also falling, down almost 3% against the dollar at the same time.
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There are multiple theories as to what is causing this week’s slump in the cryptocurrency markets, ranging from Chinese Lunar New Year to bitcoin futures crashing the market.
Hussein Sayed, chief market strategist at FXTM, said in an email on Thursday morning: “Finding a fair value in cryptocurrencies is an impossible mission, as animal spirits will remain the key driver.
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Author: Becki Leighton from trading.co.uk
*Quotes sourced from Business Insider UK
Original article and pictures take decentral.market site
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