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Bitcoin slumps to two-week low on technical trading

London

Bitcoin extended losses on Thursday after suffering its worst day for a month on Wednesday, with traders citing factors ranging from technical trading to jitters in traditional markets washing into cryptocurrency trading.
The biggest cryptocurrency fell 5.5% in early trade after slumping 7.7% a day earlier, when it dropped under $10,000 for the first time since August 1 and posted its biggest fall since July 16. It was last down 1.7% at $9,859. Traders said it was difficult to pinpoint the catalyst that triggered the losses.
Some cited selling caused by technical trading as bitcoin approached the widely-watched $10,000 mark. Others said nerves from the recent fall in global equity markets on fears of a recession had infected cryptocurrencies, though exactly how digital coin and equity markets are linked is up for debate. “The link (with stocks) is unreliable on a day-to-day basis,” said Craig Erlam, senior market analyst at Oanda, adding that the bitcoin market was unpredictable.—Reuters

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