Bitcoin Falls 12% But a Reuters Poll Indicates Massive Rally Ahead

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The last two days found Bitcoin (Symbol: BTCUSD) in its most bearish states in more than three months. The cryptocurrency experienced a significant sell-off on Wednesday that continued until the next day’s New York session. On the whole, the BTC/USD pair lost 12 percent of its value, falling from $11,950 to as low as $10,000. Its renewed downside sentiment raised worries about an extended plunge, with many predicting $9,600 to be the next bearish target. Bitcoin logs its weakest weekly performance since May 18. Source: Bitcoin was not a standalone case, however. The cryptocurrency’s abrupt dive coincided with a similar move in the traditional markets. The US stocks fell sharply on Thursday, as well, with the tech-savvy Nasdaq Composite Index plunging 5 percent to 11458, its most significant one-day decline since June 11. Gold, a safe-haven asset, also dropped by 3.11 percent from its weekly high at $1,992.56 an…

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