THE RISE & FALL OF BITCOIN - A Commodity & Store Of Value Of The Future?

 THE RISE & FALL OF BITCOIN - A Commodity & Store Of Value Of The Future? Bitcoin went into freefall on Friday, its price collapsing from the dizzying heights of nearly $20,000 (£14,965) earlier this week to about $13,000 after its year-end rally appeared to run out of steam. According to the CoinDesk exchange, the cryptocurrency was trading at $13,155, a fall of over 30% in five days. Its price has fallen by more than $2,000 in 12 hours. It came after a troubled week for bitcoin, in which a cryptocurrency exchange went bust in South Korea following a cyberattack, knocking its price. Coinbase, another exchange based in the US, also said it was opening an investigation into sharp price increases. Neil Wilson, a senior market analyst at ETX Capital, said: “Has the bubble finally popped? It’s hard to see the bell tolling just yet. Large price swings have become so normal that it’s hard to decide – we can easily see this market bounce back in very short order. “Whilst there have been some hacks, public infighting in the mining community, lots of rumoured forks and regulatory pressure building on some fronts, this is likely to be a simple bout of risk-off selling as investors rebalance towards year-end. “It looks like it’s time to cash in the gains and spend the winnings on a bumper Christmas.” The creator of one of the largest alternative cryptocurrencies has exited his entire stake in the digital currency, citing a Charlie Lee announced in a Reddit post on Wednesday that he had "sold and donated" all of his litecoin holdings over recent days. He said the move was motivated by criticism from people that he was trying to influence the price of litecoin with his tweets. Lee wrote: "Whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is of interest for me to hold LTC and tweet about it because I have so much influence." "Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success," Lee said in his Reddit post. As per CoinDesk's Bitcoin Price Index, the cryptocurrency was last seen trading at $17,000, down from the record high of $19,783 set on Dec. 17. Overall, bitcoin has depreciated by 4 percent in the last 24 hours, according to data source CoinMarketCap, but it's perhaps the movement behind that figure that's most notable. Bitcoin's 24-hour trading volume has jumped above $19 billion – its highest since Dec. 8. The high volume sell-off indicates strong hands are at play and price weakness could extend over the coming weekend. Apparently driving the price drop is the rotation of money out of bitcoin (BTC) and into alternatives such as bitcoin cash (BCH) – as shown by the massive gains in the BCH/BTC pair in the run-up to Coinbase's decision to list the cryptocurrency on its exchange platform. Litecoin Bitcoin Cyrptocurrency currency "Trade Bitcoin" "Buy Bitcoin" "sell bitcoin" Ethereum Trade Trading Price "Bitcoin Futures" "Stock Market" Investment invest "Invest in Bitcoin" "Alt Coins" "bitcoin Mining" "Cloud Mining" Mining usd gbp euro 2018 2019 future wealth wealthy success gold silver asset crypto "bitcoin wallet" "bull market" "bear market" assets tech technology "next generation" savings banking "savings account" "bank account" etf build ethereum mining rig ripple max keiser The question now is, how low can bitcoin go? bubble jim rogers jsnip4 Coinbase fears its own workers may have exploited its move into Bitcoin Cash - a spin-off of the original Bitcoin. Coinbase began letting its users buy, sell, send and receive Bitcoin Cash on Tuesday in a surprise decision but has temporarily trade. Brian Armstrong responded that he had repeatedly his staff not to disclose its launch plans to family or friends or to trade in the digital asset themselves. BTC seems to have topped out near regulation $20,000 for the short-term. Banking giant Morgan Stanley has estimated that hedge funds invested a massive $2 billion in cryptocurrencies this year. According to Business Insider, the figure was released in a note entitled "Bitcoin Decoded" sent by Morgan Stanley to its clients this week. The investment bank further detailed that more than 100 crypto-related hedge funds have sprung up over the past six years, however 84 of the funds launched in 2017.That’s only likely to increase in 2018. Reports today suggest Goldman is preparing to trade bitcoin and other cryptocurrencies next year

The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more

No comments:

Post a Comment

Blog Archive

Friendly Blogs List