Bitcoin's Getting Slammed Again As Number-One Cryptocurrency Loses Over $2,000

Dow Jones02-11 17:58

Bitcoin was getting hammered on Wednesday, with the leading cryptocurrency shedding over $2,000 of value.

Bitcoin (BTCUSD) was trading down 3.5%, or $2,434, to $66,814.

Crypto shares also fell in premarket. Robinhood down 7%; Coinbase, Strategy and MARA down more than 3%; BitMine and Riot down 2%.

The number-two cryptocurrency, Ethereum (ETHUSD) , also slumped.

The decline came ahead of the release of key U.S. payrolls data, which will be followed two days later by the CPI inflation report.

"The broader picture remains consolidation-driven, rather than trend-driven, as investors wait for clarity on inflation and rates," said analysts at Saxo Bank.

They did point out, however, that the exchange-traded iShares Bitcoin Trust IBIT and iShares Ethereum Trust ETHA saw inflows on Tuesday. "This combination points to selective engagement rather than broad capitulation."

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Comments

  • Guavaxf3006
    02-11 19:09
    Guavaxf3006
    Bitcoin heading towards $60k today. This will be a line if defense it must hold. If if does not, 4 year cycle theory gets shaken and new patter images. 
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