Cryptocurrencies

Bitcoin Slumps in Wake of Chinese New Year Slowdown Warning

BitMex’s Hayes predicts lower trading volume, volatility
Technical gauges also flash cautionary signs to crypto traders

Cryptocurrency Mining As Bitcoin Slides Amid Stocks Rout — Photographer: Akos Stiller/Bloomberg

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By Bloomberg News

January 23, 2020 at 7:31 PM UTC

Updated on

January 24, 2020 at 2:11 AM UTC

This article is for subscribers only.

Bitcoin traders appear to be heeding a warning of a demand slowdown ahead of China’s lunar New Year.

The largest cryptocurrency slumped as much as 4% to $8,281, while altcoins such as Ethereum Classic tumbled more than 11% to $8.18 in New York trading.