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Tracking site CoinMarketCap showed the market had dropped 9.8 percent over the last 24 hours.
Activity was up though, with 44 per cent more trading than the previous day.
Leah Wald, CEO at crypto asset manager Valkyrie Investments, told CNBC: “This sell-off is the continuation of a well-established pattern where traders cash in their riskier assets to cover margin calls or sit on the sidelines until markets calm down and they feel more comfortable going back into riskier positions,”
“If ever bitcoin had the opportunity to establish itself as a safe haven or as digital gold, with US companies also signaling their earnings calls are going to reveal poor results, now feels like the time.”
More to follow…
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