Bitcoin drops to two-week low, on technical, trade, and market jitters

FILE PHOTO: A set of a Bitcoin (virtual currency) of tokens are shown in this figure, figure, December 8, 2017. REUTERS/Benoit Tessier/File Photo/File Photo

LONDON (Reuters) – Bitcoin extended losses on Thursday, after suffering its worst day in a month, on a Wednesday, to merchants, listing of issues, ranging from technical trading to be inspired in the traditional markets such as wax in the cryptocurrency market.

The largest of the cryptocurrency has dropped from 5.5% at the beginning of the trade to BTC=BTSP, after slumping 7.7% in the day before, and when it came down to less than $10,000 for the first time since Aug. 1) and, the biggest fall since July 16.

It was last down 1.7% to $9,859.

Traders said it was difficult to get to the point in the catalytic converter which was the cause of the loss.

Some of the mentioned and sell is caused by technical trading as bitcoin is approached in the lot looking at the $10,000 mark. Others have said the nerves to the recent decline in global stock markets on fears of a recession have had to be infected cryptocurrencies, although the digital currency, and equity markets are linked, it is up for debate.

“The link (with steps), it is unreliable on a day-to-day basis,” said Craig Erlam, senior market analyst at OANDA, to add to that, the bitcoin market can be unpredictable.

Last week, bitcoin climbed as stocks fell, in which some of the crypto-enthusiasts, claiming that it was to act as a safe harbor in a manner comparable to that of gold and the Japanese yen. But the players said the gains reflected its potential for quick profits is more than just a safe-haven credentials.

Other major cryptocurrencies, including Ethereum ETH=BTSP, and Ripple, the XRP XRP=BTSP, which is often closely related to bitcoin, I was too.

Editing by Deepa Babington

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