Cryptocurrency analysts warn that investors have hit “panic mode”, as the markets continue to suffer.
“As we can see in the case of ethereum, investors seem to be increasing liquidations of their ICO holdings, with significant drops in price and increased volumes,” Matthew Newton, an analyst at the online trading platform eToro, told The Independent.
“This has had a knock-on effect on the rest of the [cryptocurrency] market, with bitcoin also momentarily dropping below $6,000 late last night. With prices hanging in the balance, emotions will be running high among traders. But keeping things in perspective, bitcoin is still range-bound for now between $5,700 to $8,000 in line with how it has traded over the past few months.”
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