Cryptocurrencies were broadly lower on Wednesday alongside a slump in global markets as investors worry economic recovery will slow due to a spike in coronavirus cases worldwide.
Bitcoin (BTC-USD) was 3.5% lower to trade at $45,250 (£32,894). Ethereum (ETH-USD), the second largest crypto by market cap, tumbled 6.4% to trade at $3,048.
Dogecoin (DOGE-USD) which had rallied over the weekend, plunged 11% and was trading at $0.29.
Equity markets have “affected crypto markets as well, because of which digital coins are going through a correction in prices,” said Naeem Aslam, chief market analyst at Ava Trade.
“Going forward, the price action of cryptocurrencies is likely to show strength as they have been testing their respective resistance levels over the past few days. A breakthrough of these levels would propel the digital currencies to fly even higher.”
He said investors should keep in…
