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Bitcoin Slips Below $8,000

Bitcoin Slips Below $8,000 Bitcoin Slips Below $8,000

Bitcoin briefly fell below $8,000 on Monday as investors scaled back their exposure to cryptocurrenices, after a sell-off in shares of technology and internet companies spilled over into other risky assets, Reuters reported. The technology index tumbled 1.79% as disappointing results last week from Facebook Inc, Twitter Inc and Intel Corp spurred worries about growth for a sector that has led the equity market to record highs. “It looks like the entire market is in a risk-off mood today. It started with the FAANG stocks, but the mood seems to be dragging down crypto markets as well at the moment,” said Mati Greenspan, senior market analyst at eToro. The so-called FAANG group includes Facebook, Netflix Inc, Amazon.com Inc and Google parent Alphabet Inc. At 3:17 pm, bitcoin, the world’s biggest and best known virtual currency was down 2.48% at $8,011.69 on Luxembourg-based Bitstamp exchange. “The current level of support is at $7,800, but even if we see a range between $6,000 and $8,000 it would be a good sign of price stability,” Greenspan said.

 

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