Investing.com – Bitcoin fell sharply on Wednesday as investors appeared to cash in on the popular digital currency’s recovery from its recent low of $6,000.
The steady trend of new fund inflows into the cryptomarket that underpinned a rebound in cryptocurrencies came to halt Wednesday as the total cryptocurrency market cap fell to about $453 billion, at the time of writing, down 12% from about $510 billion Wednesday.
Some cited technical resistance – trading levels that trigger selling – as a reason for the selloff after bitcoin rose to nearly $12,000 Wednesday on the bitfinex exchange.
Selling was seen across the board as Ethereum, Ripple and Bitcoin Cash fell sharply.
Bitcoin fell 12.23% to $10,280 while Litecoin fell 15.07% to $207.05 as the latter gave back some of its gains which followed a split or “hard fork,” creating rival Litecoin Cash.
Investors had piled into Litecoin in the days leading up to the hard fork in anticipation of receiving free Litecoin Cash coins, which was distributed, at the time of the fork, to any user "hodling" Litecoin.