Bitcoin leads rapid overnight sell off in cryptocurrencies

There have been some savage moves in cryptocurrencies overnight. Yesterday Bitcoin touched 19,500 and earlier this morning it traded to as low as 17,240. The move lower really gathered around 2am GMT when the price fell decisively below 18,500. That led to immediate acceleration in an almost vertical fall to the low point. It has rebounded from that low in recent trade as it tries to recover back above 18,000. If that does happen then it will still need to clear levels above 18,500 to steady the situation. There is no set catalyst for the move, but it is surely due to a mixture of profit taking and thin holiday conditions with the US markets closed for today and probably in real terms for the remainder of the week. Bitcoin is currently trading at 17,985