Bitcoin falls by over 8%, hits 5-day low

Bitcoin fell more than 8 per cent on Wednesday, plumbing to a five-day low, with traders and analysts ascribing the losses to technical trading in thin liquidity.

The biggest cryptocurrency by market capitalisation had fallen by 7.6 per cent at USD 9,936 last. This was after having touched USD 9,926 earlier. Traders said there did not appear to be a specific news catalyst for the moves, with some citing the possibility of large individual orders pressuring the broader market lower.

Other major digital coins such as Ethereum and Ripple’s XRP also fell by around 7 per cent.