Bitcoin Price Crash: BTC Drops Below $11,000 as Panic Hits Market

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The price of Bitcoin collapsed under $10,500 on Coinbase over the last 24 hours, as a dramatic sell-off crushed the broader cryptocurrency sector. Bitcoin settled near $13,000 around noon EST, after falling more than $4,000 in just hours.
But the Bitcoin price crash may not be over yet. Noted Bitcoin bull and billionaire investor Mike Novogratz told Bloomberg that Bitcoin’s decline could deepen to $8,000. Given market conditions, the money manager has shelved his plans to create a crypto hedge fund.
‘We didn’t like market conditions and we wanted to re-evaluate what we’re doing,’ Novogratz told Bloomberg in an interview. ‘I look pretty smart pressing the pause button right now.’
The Bitcoin price declined by roughly one-third over the 24-hour period as the sell-off entered its fourth day in a row.

This post was published at Wall Street Examiner by Garrett Baldwin ‘ December 22, 2017.