Bitcoin fell below $8,000 (unevenly 5.5 lakh rupees) on Monday Investors return to the exposure of cryptocurrencies after the fall in other risky assets after sales in technology and internet companies shares.
The technology index declined by 1.79 percent as the disappointing results from Facebook, Twitter and Intel last week, thereby worrying about the development of a sector, which resulted in higher record in the equity market.
“It seems that the entire market is in a risky mood. It started with shares of FAANG but mood is look like to be pulling down the crypto markets,” said senior market analyst, Mati Greenspan.
The so called FAANG group includes Facebook, Netflix, Amazon.com, and Google native alphabet.
At 3:17 p.m. (1917 GMT), Bitcoin, the world’s largest and most well-known virtual currency was down 2.48 percent at $ 8,011.69 on the Bit stamp exchange in Luxembourg.
Greenspan said, “The current level of support is $ 7,800, but if we look at the range between $ 6,000 and $ 8,000, then this price will be a good sign of sustainability.”
On Thursday, the U.S. Securities and Exchange Commission did not support the earlier decision of allowing Cameron and Tyler Winklevoss to trade the proposed bitcoin-tracking exchange-traded funds.