© Reuters. Bitcoin and other cryptos slipped on Thursday.
Investing.com – and other virtual currencies declined on Thursday as talk of a “death cross” spurred an investor sell-off.
Bitcoin was trading at $7,501.00, dipping 6.47% as of 8:52 AM ET (12:52 GMT) the Bitfinex exchange, not far from its session low of $7,430.0.
The decline in Bitcoin was driven by talk of a so-called “death cross,” which is a term used to describe a crossover of the 50-day moving average and the longer-term 200-day moving average. Technicians often look at this pattern as a bearish sign of what’s to come.
Increased regulation and a fall in prices has also contributed to an investor sell-off as interest in virtual coins wanes. Total cryptocurrency market cap has fallen below $300 billion, according to data from coinmarketcap.com
In other news, two Japanese cryptocurrency exchanges are expected to close after failing to meet regulatory requirements. Tokyo Gateway and Mr Exchange will cease operating after failing to increase their security operations. Exchanges in Japan are required to register with the country’s regulator, the Financial Services Agency. Currently 16 pre-existing exchanges are allowed to operate providing they apply for registration.
In China the central bank is expected to crack down on all type of virtual currencies this year. At the same time, the country expects to research and develop its own crypto coin, according to Reuters. Cryptocurrency exchanges, initial coin offerings, and access to other digital investments have already been banned in the country.
Other virtual currencies were also down, with rival , the world’s second largest cryptocurrency by market cap, falling 10.94% to $407.00 on the Bitfinex exchange. , the third largest virtual currency, slumped 8.38% to $0.53110 while LiteCoin was at $120.40, down 13.83%.
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