Bitcoin Dropped Again Below $9,000 After Two Weeks Run




Bitcoin price dropped below $9,000 @enatdigitalbiz

Bitcoin price slipped to $8,000 from Friday down to $8,830 on Saturday as at the time of this write-up, the price had mostly fluctuated within a range between $9,100 and $9,600 earlier.

Bitcoin rallied after Xi said that China plans to increase investment to "keep our country at the very forefront" of blockchain technology in the search for industrial advantages. After the speech, bitcoin's price jumped from $7,500 to nearly $10,000 per coin. It cooled off for a bit, falling to around the $9,000 mark and traded there for a few weeks before the support broke on Friday.

The price drop appears to have triggered margin calls for some traders, leading to a position liquidation and creating additional selling pressure, said Kevin Kelly, co-founder at Delphi Digital, a cryptocurrency research firm in New York.
Blockchain: Bitcoin price Chat

Bitcoin fell as much as 5.8% on Friday in New York trading, according to Bloomberg consolidated pricing. and as a result of this, other cryptocurrency tokens such as Ether, Litcoin, and XPR also slumped.


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