Cryptocurrency

Bitcoin declines 5% to two-month lows after IMF warnings

2018-10-11 10:08:27 GMT (Economies.com)

Bitcoin lost over 5% on Thursday to two-month lows, about to relinquish the psychological barrier of $6,000 as traders sell off crypto assets, while the IMF warns from the rapid growth of cryptocurrencies and secret transactions. 

 

At Bitstamp, Bitcoin fell $367, or 5.6% to $6,150, with an intraday high at $6,520, and the lowest since August 14 at $6,055. 

 

Bitcoin fell 1.1% on Wednesday, the second loss in  a row as investors shun risks.. 

 

Market value of cryptocurrencies tumbled $17 billion on Thursday to $200 billion, the lowest since September 20. 

 

The sharp tumbles come under the pressure of new warnings by global financial institutions from the rapid growth in crypto assets. 

 

The International Monetary Fund warned that the growth in crypto assets could create new weak points in the international financial system. 

 

In the US, the Securities and Exchange Committee put an October 26 deadline to receive public comment on approving Bitcoin exchange-traded funds. 

 

The SEC has previously rejected requests for nine such funds from three major investment companies in the US. 

 

It was expected the SEC would decide on the issue by November, but analysts are all but ruling that out now in favor of a February 2019 date. 

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