Bitcoin falls 8%, traders cite technical moves in thin liquidity

Bitcoin fell more than 8% on Wednesday, plumbing to a five-day low, with traders and analysts ascribing the losses to technical trading in thin liquidity.

The biggest cryptocurrency by market capitalization was last down 7.6% at $9,936, after touching $9,926 earlier. Traders said there did not appear to be a specific news catalyst for the moves, with some citing the possibility of large individual orders pressuring the broader market lower.

Other major digital coins such as Ethereum and Ripple's XRP also fell by around 7%.

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