I posted earlier on the slide for the cryptocurrency here: Weekend (and into Monday) bitcoin update (down date is a better description)
The most recent decline started on news that the People's Bank of China told businesses involved with cryptocurrencies to correct any improper actions
- asked investors to be wary of virtual currencies
Bloomberg cite this as still being a factor, along with:
- Traders are blaming low volumes
- & citing attractive returns from traditional assets
- Also … Smaller miners are also getting squeezed out by the falling price, causing further selling toward the break-even level of around $5,600 to $6,400 (this is dubbed "miner capitulation" … you might think that miners dropping out would (at least temporarily) reduce supply and thus act as a supportive factor but here we are ;-) )
