While the move didn't appear to have a particular trigger, a plunge was seen across the cryto space overnight following a strong recovery since early April.
"This last drop was likely caused by a combination of profit-taking and also algorithmic trading compounding the swift fall," said Jehan Chu, co-founder of Kenetic Capital. "We can expect these types of steep rises and drops to continue for some time until institutional investors grow market volume."
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