Bitcoin drops 8 percent in value, analysts attribute loss to 'technical trading in thin liquidity' – Technology News, Firstpost


Bitcoin fell more than 8 percent on Wednesday, plumbing to five-day low, with traders and analysts ascribing losses to technical trading in thin liquidity.

Bitcoin drops 8 percent in value, analysts attribute loss to technical trading in thin liquidity

The panel recommended that cryptocurrencies like BitCoin be banned in India.

The biggest cryptocurrency by market capitalization was down 7.6 percent at $ 9.936, after touching $ 9.926 earlier. Traders said there was a specific news catalyst for the moves, with some commenting on the broader lower market.

Other major digital coins such as Ethereum and Ripple’s XRP also fell by around 7 percent.

In more recent news about Bitcoin, an Indian government panel has recommended banning all private cryptocurrencies, and has been able to signal the end of them in India.

The panel said the government said in a statement on Monday.

The panel has, however, asked the government to consider the launch of an official government-backed digital currency in India, to function like bank notes, through the Reserve Bank of India.

With inputs from Reuters

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