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Bitcoin Drifts Lower as Cryptos Stabilize After Tuesday Plunge

  • Cryptocurrency had biggest intraday drop since January 2018
  • Galaxy says some levered long speculators were caught offside
Cryptocurrency Mining As Bitcoin Slides Amid Stocks Rout
Photographer: Akos Stiller/Bloomberg
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Bitcoin struggled as the U.S. trading day began, extending its decline in the wake of Tuesday’s broad plunge across cryptocurrencies even as several alternative coins staged a modest recovery.

The most traded digital asset fell 2.2% to $8,395 as of 6:42 a.m. in New York, slowing down after a wild ride the previous day saw an intraday drop of 17% -- the biggest since January 2018, according to Bloomberg composite pricing. Bitcoin hadn’t traded below $9,000 since June.