NEW YORK (Reuters) - Bitcoin briefly fell below $8,000 on Monday as investors scaled back their exposure to cryptocurrenices, after a sell-off in shares of technology and internet companies spilled over into other risky assets.
The technology index <.SPLRCT> tumbled 1.79 percent as disappointing results last week from Facebook Inc
"It looks like the entire market is in a risk-off mood today. It started with the (FAANG) stocks, but the mood seems to be dragging down crypto markets as well at the moment," said Mati Greenspan, senior market analyst at eToro.
The so-called FAANG group includes Facebook, Netflix
At 3:17 p.m. (1917 GMT), bitcoin
"The current level of support is at $7,800, but even if we see a range between $6,000 and $8,000 it would be a good sign of price stability," Greenspan said.
Last Thursday, the U.S. Securities and Exchange Commission backed an earlier decision to not allow a bitcoin-tracking exchange-traded fund proposed by Cameron and Tyler Winklevoss to trade.
(Reporting by Richard Leong; editing by Leslie Adler)
This story has not been edited by Firstpost staff and is generated by auto-feed.
The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
Updated Date: Jul 31, 2018 03:05:08 IST