Bitcoin and other digital currencies plunged today, a slide likely to stoke speculation about the durability of the boom in cryptocurrencies, Bloomberg reports. Bitcoin slumped by 8.7 percent, the most since early August, while digital coins like Ether also tumbled. The Bloomberg Galaxy Crypto Index at one point slid by more than 6 percent. Some see signs of retail investors piling in to chase momentum for fast gains, storing up an inevitable reckoning. “It’s also not unusual to see a short-term pullback following periods of significant, accelerated gains as traders look to take profits before resetting once volatility subsides,” he said.

Source: The Standard November 26, 2020 08:15 UTC