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Cryptocurrencies plummet into dreaded ‘death cross’ phase
As if things weren’t bad enough for crypto investors today, Bitcoin has hit a sinister-sounding new stage in its cycle — the dreaded death cross. This morning investors woke up to a world of hurt as major currencies crashed hard after China swept in to shut down a number of “gigantic bitcoin mining operations” yesterday. The price of bitcoin sank to as low as $US32,309. The unit has taken a severe hit in recent weeks, having hit a record near $US65,000 in April, partly because of Beijing’s crackdown. Other cryptocurrencies have been hit even harder. As of this morning Ethereum is down 13.44 per cent and XRP ... (full story)