Bitcoin Drifts Lower as Cryptos Stabilize After Tuesday Plunge
Bitcoin struggled as the U.S. trading day began, extending its decline in the wake of Tuesday’s broad plunge across cryptocurrencies even as several alternative coins staged a modest recovery.
The most traded digital asset fell 2.2% to $8,395 as of 6:42 a.m. in New York, slowing down after a wild ride the previous day saw an intraday drop of 17% — the biggest since January 2018, according to Bloomberg composite pricing. Bitcoin hadn’t traded below $9,000 since June.
The wider Bloomberg Galaxy Crypto Index slipped 1.1%, as rivals Ether and EOS eked out modest gains. EOS, whose 28% plunge was the worst yesterday, advanced 3.8%.