{"id":413614,"date":"2021-09-11T07:07:15","date_gmt":"2021-09-11T05:07:15","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=413614"},"modified":"2021-09-11T07:08:05","modified_gmt":"2021-09-11T05:08:05","slug":"bitcoin-continues-slump","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/413614-bitcoin-continues-slump.html","title":{"rendered":"Bitcoin continues slump"},"content":{"rendered":"

Bitcoin dropped toward the lowest levels of the week as risk-off sentiment seeped back into global markets.<\/p>\n

The largest cryptocurrency by market value dropped as much as 3.2% to $44,760 during New York trading, before paring losses. Ether slumped as much as 6.5% to $3,210. The Bloomberg Galaxy Crypto Index fell as much as 5.9%.<\/p>\n

Chartists looking at Bitcoin\u2019s technicals see a potentially volatile period ahead as the coin bumps up against two major support levels: the 50-day and 200-day moving averages.<\/p>\n

A sustained breach of both could potentially send prices down to around $40,000. However, the 50-day line has provided support during the past week.<\/p>\n

\u201cLike it did on Tuesday, the 50-day moving average provided some nice support for Bitcoin — that\u2019s the good news,\u201d said Matt Maley, chief market strategist for Miller Tabak + Co.<\/p>\n

\u201cThe bad news is that if it breaks below that line over the coming days, it\u2019s going to worry traders.\u201d<\/p>\n

\"\"<\/a><\/p>\n

Bitcoin experienced a flash crash Tuesday as El Salvador\u2019s rollout of the digital asset as legal tender appeared to be hit by technical difficulties. It fell as much as 17% that day, with the swiftness\u00a0accelerating\u00a0as some 336,000 traders had their accounts liquidated amid the decline.<\/p>\n

In addition, it\u2019s a seasonally challenging period for the coin — in the past decade, September has been the only month when Bitcoin has failed to deliver positive returns.<\/p>\n

The token fell during the calendar month in six of the previous 10 years, losing more than 6% on average, data compiled by Bloomberg show.<\/p>\n

\"\"<\/a><\/p>\n

El Salvador\u00a0became\u00a0the first country to adopt Bitcoin as legal tender, a development many crypto fans saw as potentially leading to greater adoption and mainstream acceptance.<\/p>\n

Both enthusiasts and detractors of cryptocurrencies are monitoring the experiment to see if a significant number of people want to transact with Bitcoin when it circulates alongside the U.S. dollar, and whether it brings any benefits to the country.<\/p>\n

\u201cEl Salvador\u2019s ill-conceived experiment should not be critical for the future of Bitcoin or cryptocurrencies,\u201d JPMorgan Chase & Co. strategists led by Nikolaos Panigirtzoglou, wrote in a note earlier this week.<\/p>\n

\u201cCrypto markets suffered from El Salvador\u2019s glitches this week, but that was from a frothy backdrop.\u201d<\/p>\n

Now read: Major problem in Mirror Trading International case<\/a><\/h3>\n
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Bitcoin dropped toward the lowest levels of the week as risk-off sentiment seeped back into global markets.\u00a0<\/p>\n","protected":false},"author":341034,"featured_media":397089,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[187,70147],"class_list":["post-413614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-el-salvador"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/413614"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=413614"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/413614\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/397089"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=413614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=413614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=413614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}