{"id":1616831,"date":"2022-08-19T17:23:33","date_gmt":"2022-08-19T21:23:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1616831"},"modified":"2022-08-19T17:23:43","modified_gmt":"2022-08-19T21:23:43","slug":"sudden-crypto-drop-sends-bitcoin-to-3-wk-low","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sudden-crypto-drop-sends-bitcoin-to-3-wk-low\/","title":{"rendered":"Sudden crypto drop sends bitcoin to 3-wk low"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsudden-crypto-drop-sends-bitcoin-to-3-wk-low%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1616831&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Tom Westbrook and Hannah Lang<\/p>\n<p>SINGAPORE\/WASHINGTON (Reuters) -Cryptocurrencies fell sharply on Friday, with sudden selling dragging bitcoin to a three-week low, with analysts divided over the reason behind the decline. <\/p>\n<p>Bitcoin fell as much as 7.7% to $21,404 over a few minutes during the European morning, at around 0640 GMT. It recovered slightly to trade around $21,528 at 1651 GMT, down 8.05% on the day.<\/p>\n<p>Ether was last down 8.32% at $1,721.<\/p>\n<p>Marcus Sotiriou, analyst at digital asset broker GlobalBlock, in a research note said there did not appear to be a single catalyst that led to the heavy selling.<\/p>\n<p>\u201cBut the S&#038;P 500 rejecting and failing to continue its recovery contributed to bitcoin\u2019s drop,\u201d he said. The S&#038;P 500 was down around 1% by early Friday afternoon.<\/p>\n<p>Meanwhile, Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, suggested the move was a \u201cresult of a large sale transaction.\u201d<\/p>\n<p>\u201cIt\u2019s not showing the pattern of a flash crash, as the assets didn\u2019t immediately rebound sharply but sank even lower in the hours that followed,\u201d she said. <\/p>\n<p>Streeter said it appeared the cryptocurrency cardano had been the first to move, followed by bitcoin and ether, and then others such as the altcoin dogecoin.<\/p>\n<p>Cryptocurrencies have fallen dramatically so far this year, as Federal Reserve rate hikes and ultra-high inflation prompt investors to ditch riskier assets.<\/p>\n<p>Craig Erlam, senior market analyst at Oanda, said bitcoin\u2019s failure to recover its losses \u201csuggests there is substance to the move\u201d.<\/p>\n<p>Such sharp moves are common in the highly volatile cryptocurrency market. On June 15, bitcoin plunged more than 15% as investors were spooked by the collapse of a so-called stablecoin, TerraUSD, and a major crypto lender freezing customer withdrawals.<\/p>\n<p>Friday\u2019s move put bitcoin on track for its worst day since the June meltdown.<\/p>\n<p>\u201cSpeculating in cryptocurrencies is extremely high risk and is not suitable for the vast majority of people,\u201d Hargreaves Lansdown\u2019s Streeter said.<\/p>\n<p> (Reporting by Tom Westbrook, Elizabeth Howcroft, Samuel Indyk and Hannah Lang; Editing by Kirsten Donovan and Tomasz Janowski)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/sudden-crypto-drop-sends\/illustration-shows-representations-of-cryptocurrencies-4\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/tagreuters.com2022binary_LYNXMPEI7I07D-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI7I07D-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Tom Westbrook and Hannah Lang SINGAPORE\/WASHINGTON (Reuters) -Cryptocurrencies fell sharply on Friday, with sudden selling dragging bitcoin to a three-week low, with analysts divided over the reason behind the<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1616831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1616831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1616831"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1616831\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1616831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1616831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1616831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}