Bitcoin slips below $8,000 as investors step away from risk

NEW YORK (Reuters) – Bitcoin briefly fell below $eight,000 on Monday as investors scaled again their publicity to cryptocurrenices, after a sell-off in shares of expertise and web firms spilled over into different dangerous belongings.

FILE PHOTO: An indication is seen exterior a enterprise the place a Bitcoin ATM is situated in Toronto, Ontario, Canada June three, 2017. REUTERS/Chris Helgren/File Picture

The expertise index .SPLRCT tumbled 1.79 p.c as disappointing outcomes final week from Fb Inc (FB.O), Twitter Inc (TWTR.N) and Intel Corp (INTC.O) spurred worries about progress for a sector that has led the fairness market to report highs.

“It seems like your entire market is in a risk-off temper at this time. It began with the (FAANG) shares, however the temper appears to be dragging down crypto markets as effectively for the time being,” stated Mati Greenspan, senior market analyst at eToro.

The so-called FAANG group contains Fb, Netflix (NFLX.O) Inc, Inc (AMZN.O) and Google dad or mum Alphabet Inc (GOOGL.O).

At three:17 p.m. (1917 GMT), bitcoin BTC=BTSP, the world’s greatest and greatest identified digital foreign money was down 2.48 p.c at $eight,011.69 on Luxembourg-based Bitstamp change.

“The present degree of assist is at $7,800, however even when we see a variety between $6,000 and $eight,000 it will be a superb signal of value stability,” Greenspan stated.

Final Thursday, the U.S. Securities and Trade Fee backed an earlier choice to not enable a bitcoin-tracking exchange-traded fund proposed by Cameron and Tyler Winklevoss to commerce.

Reporting by Richard Leong; modifying by Leslie Adler

Our Requirements:The Thomson Reuters Belief Ideas.

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