|21 August, 2019

Bitcoin falls 8%, traders cite technical moves in thin liquidity

Traders said there did not appear to be a specific news catalyst for the moves, with some citing the possibility of large individual orders pressuring the broader market lower.

LAN network cables plugged into a Bitcoin mining computer server are pictured in Bitminer Factory in Florence, Italy, April 6, 2018. REUTERS/Alessandro Bianchi

LAN network cables plugged into a Bitcoin mining computer server are pictured in Bitminer Factory in Florence, Italy, April 6, 2018. REUTERS/Alessandro Bianchi

LONDON- Bitcoin fell more than 8% on Wednesday, plumbing to a five-day low, with traders and analysts ascribing the losses to technical trading in thin liquidity.

The biggest cryptocurrency by market capitalisation was last down 7.6% at $9,936, after touching $9,926 earlier. Traders said there did not appear to be a specific news catalyst for the moves, with some citing the possibility of large individual orders pressuring the broader market lower.

Other major digital coins such as Ethereum and Ripple's XRP also fell by around 7%.

(Reporting by Tom Wilson; Editing by Saikat Chatterjee) ((T.Wilson@thomsonreuters.com; 44-20-7542-4531; Reuters Messaging: t.wilson.thomsonreuters.com@reuters.net))

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