Bitcoin Takes a Dive as Market Sheds $13 Billion
Bitcoin, Ether and other crypto-currencies plunged Monday as veteran investors reportedly took out profits, according to reports.
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Bitcoin fell nearly 9 percent in a 24 hour period and was trading at $2376 by Monday afternoon. Litecoin witnessed a near 15 percent decline.
Overall, the total market capitalization of cryptocurrencies fell to as little as $91.4bn today, a more than 20% decline from the all-time high of $117.2bn it reached around Mid-June.
Ether, the digital asset that powers the ethereum blockchain, was down nearly 20%.
Bitcoin has become an especially popular method of conducting transactions with online betting firms, accounting for more than a quarter of business at some of these businesses.
"We are witnessing the still strong correlation between bitcoin and other cryptocurrencies," Investor and crypto hedge fund manager Tim Enneking said following the plunge. "When bitcoin sees a large move down, as we've seen in the past 48 hours, it still has a tendency to take the entire rest of the market with it".
- Aaron Goldstein, Gambling911.com
