As investors processed a spike in liquidations and anticipated Nvidia’s news, cryptocurrencies pared some of their earlier losses but remained volatile on Wednesday.
Based on Coin Metrics, the price of bitcoin dropped by 3.2% to $60,026.37. It had dropped to $58,080.87 earlier. Over 3% of ether was lost, reaching $2,497.28.
When bitcoin dropped 6% in an hour on Tuesday night, investors blamed liquidations in the futures market, nervousness about Nvidia’s impending earnings report after the bell, and possibly continued selling pressure from Mt.
Gox distributions or U.S. government holdings. The reason for the sharp decline was not immediately apparent.
Source (CNBC)
