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Bitcoin tumbles 5% as broader crypto market loses nearly $10 billion

January 10, 2019

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Cryptocurrency prices are trading sharply lower on Thursday, with some major coins recording double-digital losses.

In Thursday trading a single bitcoin, BTCUSD, -5.42% the largest cryptocurrency, was fetching $3,810.53, down 5.4% since Wednesday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange. The broad-based selloff has erased close to $10 billion off the total value of all digital currencies.

“After a positive start to 2019 with prices drifting gently higher, selling returned with a bang to the cryptocurrency space, backed by a sizeable pick-up in volume. Double-digit losses were recorded in some coins, while Ripple ( the XRP coin) overtook Ether to become the second-largest token by market capitalization,” wrote Nick Cawley, analyst at Daily FX.

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