Why Bitcoin price falling today explained by professional Forex trading experts the “” FX trading team.

Why Bitcoin price falling today below $11.000

plunged at the end of a rocky week, taking the digital currency briefly below $11,000 and down 44 percent from its record high hit Sunday.

Bitcoin had rallied to a record high above $19,800 on Sunday and was trading near $15,500 for much of Thursday New York time, according to Coinbase. But an afternoon selloff accelerated into the night, and bitcoin dropped 30.2 percent Friday morning to a low of $10,400 on Coinbase.

At its lows, bitcoin had fallen 47 percent in just five days and lost about $9,400. The digital currency erased more than $1,000 in one hour alone Friday morning.

Bitcoin futures also tumbled Friday. The CME bitcoin futures expiring in January, which launched Sunday, reached “limit down,” falling nearly 20 percent to $12,265 in morning trading. Markets were still open for trading.

The Cboe bitcoin futures contract, which launched on Dec. 10, dropped 21 percent to $12,050 after triggering a brief, built-in trading halt due to price volatility.

The bitcoin offshoot, bitcoin cash, collapsed, falling 40 percent Friday to $1,873, after topping $4,000 two days ago, according to Coinbase.

Coinbase is the leading U.S. platform for buying and selling major digital currencies, and also operates an exchange for institutional investors called GDAX. On Tuesday, Coinbase surprised many by announcing it was launching trading in the bitcoin offshoot, bitcoin cash. The company had said for months it would allow withdrawals of bitcoin cash on Jan. 1, 2018, and notify customers of other changes beforehand.

In the last several days, many Reddit and Twitter users have also complained they are unable to complete transactions smoothly on Coinbase. The company said on its status website that since last Friday, high transaction volumes were delaying wire transfers. A Wednesday update said “wire deposits and withdrawals may be delayed by up to 5 business days.”

Stocks such as Riot Blockchain that have soared dramatically on speculation around their connection to bitcoin and its underlying blockchain technology also traded lower Friday morning by double-digits.

Why Bitcoin price falling today Conclusion

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