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AP / Jeff Chiu)Christopher David uses a Robocoin kiosk to sell bitcoins outside the Bitcoinferance of the 500 startups in Mountain View, California on Thursday, March 20, 2014. The Robocoin kiosk is owned by Coinage and will be moved to a semi-permanent location after the conference.- The bitcoin had returned below the $ 4000 level on Friday morning.
- According to one analyst, the sell-off has "largely reflected" what is happening in the stock market recently.
- Bitcoin was down 80% from its all-time high.
- Watch the live bitcoin trade.
Bitcoin was again beaten below the $ 4000 level at the start of Friday.
The largest cryptocurrency for market value fell 7.55% to a minimum of $ 3.867. It was lower for a second session in a row, and almost wiped out Wednesday's gain by over 10% – its biggest daily progress since April.
Also the bitcoins peer XRP (-5.56%), ethereum (-3.2%), bitcoin cash (-3.8%) and litecoin (-5.97%) were lower.
"Cryptographic markets have largely mirrored what we have seen recently from equities," said Mati Greenspan, eToro senior market analyst. "It seems that investors are simply more risk-averse than they have been in recent years: this is probably the result of monetary tightening by global central banks."
It was a difficult year for bitcoin investors, who saw prices rise above 2,000% to almost $ 20,000 per currency last year. Bitcoin expired in December and has since suffered a downward spiral.
Prices had been stuck between $ 6,000 and $ 8,000 since mid-May, but the cryptocurrency was under intense pressure in mid-November. It was then that technical sales pushed the bitcoin price to a minimum of $ 3,522, the weakest since September 2017 and down more than 80% from its peak.
"For bitcoin, we saw a rebound in the first support level of $ 3,500," said Greenspan. "We could end up testing this level once again over the weekend."
He added: "The key level of support is $ 3,000 per currency: this psychological level has played a significant role in the 2017 bull's race and will therefore be closely monitored in the coming days".
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