Bitcoin tumbles 5% as broader crypto market loses nearly $10 billion

Cryptocurrency prices are trading sharply lower on Thursday, with some major coins recording double-digital losses.

In Thursday trading a single bitcoin,

BTCUSD, -5.64%

 the largest cryptocurrency, was fetching $3,810.53, down 5.4% since Wednesday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange. The broad-based selloff has erased close to $10 billion off the total value of all digital currencies.

“After a positive start to 2019 with prices drifting gently higher, selling returned with a bang to the cryptocurrency space, backed by a sizeable pick-up in volume. Double-digit losses were recorded in some coins, while Ripple ( the XRP coin) overtook Ether to become the second-largest token by market capitalization,” wrote Nick Cawley, analyst at Daily FX.

“The selling was accompanied by heavy turnover — just under $20 billion — normally a bearish sign, especially after the quiet market conditions this week to date. The cryptocurrency market as a whole lost just under $9 billion in one hour.”

Read: Winklevoss twins’ Gemini cryptocurrency ad campaign hopes to ignite the ‘people’s movement’

Altcoins, cryptocurrencies other than bitcoin, are showing significant losses early Thursday. Ether has lost 12% to $131.66, Litecoin

LTCUSD, -13.48%

was off 11.7% to $34.57, Bitcoin Cash

BCHUSD, -11.83%

was off 13.1% at $137.40 and XRP,

XRPUSD, -6.59%

was trading 5.9% lower at 34 cents.

Bitcoin futures have tracked spot prices lower on Thursday. The Cboe Global Markets February contract

XBTG9, -6.15%

XBTG9, -6.15%

XBTG9, -6.15%

was off 5.9% at $3,750, and the CME Group February contract

BTCG9, -5.40%

had shed 5.8% and was also trading at $3,750.

Read: This chart pattern spells renewed danger for bitcoin, analyst says

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