Bitcoin takes hit

The leading cryptocurrencies have taken a hit this morning. Both Bitcoin and Ether have been the subject of some quite heavy selling. Ether accelerated to the downside when it broke below $1800 and Bitcoin has done the same. The move lower was facilitated by a failure of Bitcoin to move to a fresh all time high yesterday when the current rise stalled above 57k. The drop back below 55k this morning has also added further downside pressure. At this stage it is not clear what exactly the catalyst is for the move lower, but the market was clearly long and looking for some fresh records and that has been temporarily derailed by the price action so far today. Bitcoin is currently trading at 54,590