Published On: Mon, Jun 12th, 2017

Chinese Chicken? Spooked Investor Sell-Offs Spark Crypto Price Slump

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Bitcoin and altcoins have taken another serious dive Monday as a Chinese sell-off sent prices plunging up to 15% in hours.
Bitcoin Back Below $2600, Ethereum Heads Towards $350
In what was a widely-predicted move downwards, Bitcoin fell from highs of over $3000 on GDAX to drop through $2700, trading around $2580 at press time according to average prices on CoinMarketCap.
Talk among experts pointed the finger at futures sales from Chinese exchange Okcoin, with charts showing Ethereum also reversing its recent surge over $400.

In line with behavior witnessed in recent weeks, the majority of leading altcoins followed Bitcoin, losing up to 15% of face value.
End Of The Latest Bitcoin Bullrun?
Nonetheless, reactions to the falls showed confusion among commentators. Responses to ARK’s Chris Burniske highlighted the simple fact that Bitcoin’s recent bull market would sooner or later need to end.

Lots of red 4 #cryptoassets after an enthusiastic weekend. Understand some of the skittishness given the attacks but why’s #bitcoin knifing? pic.twitter.com/0ncDxrSPFD
— Chris Burniske (@ARKblockchain) June 12, 2017

Bitcoin had breached the psychological barrier of $3000 per coin on some exchanges prior to Monday, yet compared with $2000 in May, traders appeared to find keeping above that level considerably more daunting.

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