Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.

BREAKING NEWS

BREAKING NEWS

Bitcoin extends losses, drops to lowest in more than a year

Bitcoin extends losses, drops to lowest in more than a year
FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/Illustration/File Photo -
Copyright
Benoit Tessier(Reuters)
Text size Aa Aa

NEW YORK (Reuters) - Bitcoin fell to a more than one-year low on Wednesday, falling below a key support level of $6,000, with traders and analysts unclear on what caused the sudden drop in price.

"The market had been entering a wedge, with the volatility so low," said Charlie Hayter, founder of industry website Cryptocompare in London, referring a technical chart pattern.

"What you are seeing low is a breakout on the downside. Sometimes when things happen, it takes a while for the true reason to become clear - an exchange trade or regulatory action."

Bitcoin fell to as low as $5,534 <BTC=BTSP>. The $6,000 level was a key support level for bitcoin for some time. It was last down 11 percent at $5,571.61.

(Reporting by Gertrude Chavez-Dreyfuss in New York and Tom Wilson in London; Editing by Chizu Nomiyama)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.