{"id":420182,"date":"2021-10-27T14:21:58","date_gmt":"2021-10-27T12:21:58","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=420182"},"modified":"2021-10-27T14:24:11","modified_gmt":"2021-10-27T12:24:11","slug":"bitcoin-stumbles","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/420182-bitcoin-stumbles.html","title":{"rendered":"Bitcoin stumbles"},"content":{"rendered":"

Bitcoin slid below $60,000 as traders liquidated the most positions in a month.<\/p>\n

Prices for the biggest digital asset lost 5% to $58,975 as of 10:44 a.m. in London, reaching the lowest intraday price in almost two weeks. Ether also sank about 5% and smaller tokens took a hit, with Dash and EOS tumbling more than 10%.<\/p>\n

Analysts said speculators are cutting back on positions as the launch of the first U.S. Bitcoin exchange-traded fund fanned enthusiasm and pushed prices to new all-time highs. Total liquidations of long crypto positions topped $700 million on Wednesday, the most since Sept. 20, according to data from Bybt.com.<\/p>\n

\u201cThe market has been leveraged long for a few weeks, so there has been that overhang in positioning,\u201d said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX.<\/p>\n

Bitcoin also broke below its 20-day moving average, a technical move that could invite more selling.<\/p>\n

The token has been on a historic rally, surpassing $65,000 last week, as two futures-backed U.S. Bitcoin ETFs made their debut and attracted more than $1 billion in cash. The coin is still up more than 30% this month.<\/p>\n

\u201cThe price slump is being fueled by sellers, who appear to be acting simultaneously in taking profits on their investment,\u201d said Petr Kozyakov, co-founder and CEO of the global payments network Mercuryo. \u201cThe price correction is an organic one and was not triggered by a clear-cut fundamental.\u201d<\/p>\n

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

\n

Now read:\u00a0Bitcoin ownership and mining power in hands of elite few<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Bitcoin slid below $60,000 as traders liquidated the most positions in a month.\u00a0<\/p>\n","protected":false},"author":341034,"featured_media":401487,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,73344,73766,73770,73768],"class_list":["post-420182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-bybt","tag-jonathan-cheesman","tag-mercuryo","tag-petr-kozyakov"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/420182"}],"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=420182"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/420182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/401487"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=420182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=420182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=420182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}