Bitcoin breaks below $11,000 after failing at resistance, sell-off quickens

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Bitcoin breaks below $11,000 after failing at resistance, sell-off quickens

On Thursday, the 27th of June 2019, a steep sell-off of the original crypto, Bitcoin, had gathered pace, as crypto traders appeared to be rushing on to banking profits after rising more than 10 percent yesterday (June 26th) to breach its January 2018 highs.

In point of fact, at Thursday’s (June 27th) market wrap-up, Bitcoin had fallen more than 16 percent below $11,000 level after climbing to an 18-months-high yesterday as beforementioned over optimisms of a broad-based adoption of cryptos following reveal of Facebook’s plan of launching its own digital currency, Libra.

Nonetheless, despite Thursday’s (June 27th) sharp decline, the world’s largest cryptocurrency, Bitcoin had been well on course to post its three consecutive months of gains in a row, while it had surged more than 130 percent over the second quarter of 2019, and about 260 percent this year, but failed to hit its all-time high of nearly $20,000 reached during December 2017’s crypto mania.

While this report was being prepared, at the end of Thursday’s (June 27th) US trading hours, bitcoin was down by 15.36 percent to $10,940, and analysts were quoted saying following its biggest intra-day plunge since September 2017 that traders’ search for an alternative asset such as gold or government bonds ahead of a high-stake G20 at the Japanese city of Osaka appeared to have weighed on to crypto sentiment.

Aside from that, some analysts said that Facebook’s Libra would likely to face much more regulatory hurdles than expected, and it dampened crypto optimisms among the traders across the globe.