Market bellwether Bitcoin slipped 1.7% in early trade Thursday
by Sidhartha Shukla and Suvashree Ghosh
Ether slid below $4,000 to its lowest level in nearly seven weeks, extending a broader digital-asset rout that’s erased more than $140 billion in market value since the start of the week.
The second-largest cryptocurrency fell as much as 4.7% to $3,969 on Thursday, while market bellwether Bitcoin slipped 1.7%, according to data compiled by Bloomberg.
Ether’s retreat came as “institutional inflows cooled” with “technical signals pointing to short-term pressure”, said Rachael Lucas, a crypto analyst at BTC Markets.
Investors have pulled nearly $300 million from US-listed Ether exchange-traded funds since Monday, when $1.7 billion in bullish bets got wiped out in a sudden downturn that affected most major tokens. Lucas said she expects more liquidations to follow if Ether’s slide takes it below $3,800.
Copyright Bloomberg News
