Sellers took an aggressive stance before the start of the new week Sunday morning as bitcoin prices plunged over 5%. BTC/USD was last quoted at $716.13 on Bitfinex at 1:54 PM in New York, down 4.71%.
Market liquidity tends to fall off on Sundays, but above average volumes were reported on the morning’s swoon and the magnitude of the move is worth noting.
As noted last week on CryptoNinjas, bitcoin has shown solid relative strength during the past several months of market volatility.
The PBOC’s continued weak currency policy brought the yuan to 7-year lows against the dollar last week, providing more support for bitcoin. India’s surprise policy move to take 500 and 1000 rupee notes out of circulation further bolstered the cryptocurrency.
