Bitcoin drops below $9,000 level for the first time since May
Hindustan Times 15 June 2020 Posted by: Harshit Sabarwal Bitcoin slid below $9,000 on Monday for the first time since May, joining a downdraft in global equities begun during Asia hours amid growing concern about the risks of a second wave of coronavirus infections. The largest cryptocurrency tumbled as much as 5.1% Monday and recovered to about $9,100 as of 8:55 a.m. in London, according to consolidated pricing data from Bloomberg. For the first time since the end of April, the token dipped below its 50-day moving average, a level that’s considered a point of resistance for some traders. Bitcoin has flirted with $10,000 since May, failing to sustain a rally above that key psychological level after the closely watched “halving” industry event that reduced the amount of the cryptocurrency earned by miners. Stocks slid globally on Monday alongside US equity futures, in an echo of last Thursday’s risk-off mode. Chinese economic data Monday disappointed investors...