{"id":519311,"date":"2023-12-11T07:11:06","date_gmt":"2023-12-11T05:11:06","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=519311"},"modified":"2023-12-11T07:11:06","modified_gmt":"2023-12-11T05:11:06","slug":"bitcoin-plunges","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/519311-bitcoin-plunges.html","title":{"rendered":"Bitcoin plunges"},"content":{"rendered":"

Bitcoin delivered another bout of its notorious volatility in a sharp tumble toward $40,000 amid a broader crypto selloff.<\/p>\n

The largest token sank as much as 7.5% to $40,521 before paring some of the losses to trade 4% lower at $42,095 as of 11:12 a.m. in Singapore on Monday.<\/p>\n

Smaller tokens like Ether, XRP, Polkadot and Avalanche also fell.<\/p>\n

A gauge of the largest 100 digital assets shed about 4%, the largest drop since Nov. 22.<\/p>\n

Bitcoin has been on a tear this year on expectations that regulators will allow the first US spot Bitcoin exchange-traded funds, widening the potential base of crypto investors.<\/p>\n

Bets that the Federal Reserve will cut interest rates next year also encouraged a rally in virtual currencies.<\/p>\n

\u201cMarket leverage had risen materially,\u201d said Sydney-based\u00a0Richard Galvin<\/a><\/strong>, co-founder at Digital Asset Capital Management.<\/p>\n

\u201cThe current fall looks like a market deleveraging as opposed to any fundamental news catalyst.\u201d<\/p>\n

Investors are also braced this week for US inflation data and the Fed\u2019s final policy meeting of 2023, both of which could test aggressive wagers on rate cuts.<\/p>\n

\u201cIt makes sense to see some profit taking,\u201d said Tony Sycamore, a market analyst at IG Australia Pty. He expects falls toward the $40,000 to $37,500 range to be \u201cwell-supported\u201d by dip buyers.<\/p>\n

Bitcoin has jumped more than 150% this year, energising a wider digital-asset recovery from last year\u2019s rout.<\/p>\n

But the token remains well below its 2021 pandemic-era record high of nearly $69,000.<\/p>\n

\"\"<\/p>\n

\n

Now read: Boss of South Africa\u2019s biggest pyramid scheme in history allegedly using computer and Internet from jail<\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"

Smaller tokens like Ether, XRP, Polkadot and Avalanche also fell.<\/p>\n","protected":false},"author":341034,"featured_media":483299,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[40038,187,73436,91461,91463,43338,67814,75248,49047],"class_list":["post-519311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-avalanche","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-prices","tag-digital-asset-capital-management","tag-ether","tag-exchange-traded-funds-etfs","tag-polkadot","tag-xrp"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/519311"}],"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=519311"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/519311\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/483299"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=519311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=519311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=519311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}