Cryptos tank following weeks of recovery

|About: Bitcoin USD (BTC-USD)|By:, SA News Editor

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.

Bitcoin (BTC-USD) slid 10% to $7,215, according to Coindesk, while the price of Ethereum (ETH-USD) fell 8% to $241 and Ripple (XRP-USD) tanked 15% to $0.399378.

"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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