Volatility in the biggest cryptocurrency has increased over the last few trading sessions after the U.S. Securities and Exchange Commission rejected the latest attempt to create an exchange-traded fund.
"It looks like the entire market is in a risk-off mood today,” said Mati Greenspan, senior market analyst at eToro, in an e-mail. “The sentiment seems to be spreading fast and very likely influencing the crypto markets as well at the moment. The current level of support is at $7,800 but even if we see a range between $6,000 and $8,000 it wouldn’t be terrible."