10/11/2018, 8:53 AM (Source: TeleTrader)
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Cryptos join market selloff; Bitcoin loses over 5%

Cryptocurrencies showed a sea of red on Thursday, accelerating the declines as European stock and commodity traders were getting back online. Bitcoin, the first and biggest in the class, fell to $6,262.1, a level last registered on September 19. Since late June it has moved in a range of between $6,000 and $7,500.

Yesterday's carnage in stock markets has spread to Asia, while Europe was set to start deeply in negative territory. Equities in New York have plunged amid concern over a rapid rise in interest rates. In other news, findings of a study issued by scientists from Princeton University and Florida International University indicated nearly three quarters of computing power in Bitcoin's network is in China, adding to fears the system could collapse if a single entity reaches 51% of the hash rate.

The most widely watched digital currency was down 4.76% at 8:51 am CET, selling for $6,302.3. It lost 5.42% to €5,371.44. Bitcoin futures at CME Globex were down 5.21% at $6,190. Offshoot cryptocurrency Bitcoin Cash cratered 12.73% to $444.63.

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