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.