Bitcoin Recovers From Sudden Selloff as Large Swings Persist
Bitcoin rallied as much as 20 percent from its Wednesday low, easing concern that an abrupt selloff in the cryptocurrency might spiral into something deeper.
The digital currency climbed as high as $10,787.99 in Asian trading hours Thursday, after touching a nadir of $9,009.15, according to prices compiled by Bloomberg. The 21 percent slump on Wednesday, triggered in part by intermittent outages at cryptocurrency exchanges, came just hours after bitcoin had soared to a record.
Price swings in the world’s most popular digital currency are increasing as an 11-fold gain this year captivates everyone from mom-and-pop investors to high-frequency traders and Wall Street banks. While the frenzy has prompted bubble warnings from observers including Nobel laureate Joseph Stiglitz, interest among traders shows few signs of abating.
Coinbase, one of the largest bitcoin exchanges, tweeted on Wednesday that traffic on its platform reached an all-time high, even as some users reported service interruptions and delays.
Click the links below for more bitcoin coverage:
Bitcoin Is Still Sucking Up All the Crypto Oxygen: Gadfly
Bitcoin Mania Interrupted, for Now, as Outage Triggers Selloff
What Bitcoin Watchers Are Saying After the Surge Past $10,000
Bitcoin ‘Ought to Be Outlawed,’ Nobel Winner Stiglitz Says
Calling a Bitcoin Top? Options to Sell Short Are Risky, Pricey
Bitcoin remains close to $ 10,000 this Thursday, a day after touching $ 11,000, after retreating to $ 9,000.
On Bitfinex stock exchange based in the United States, Bitcoin is at $ 10,067.00 at 4:40 AM ET (09:40 AM GMT), after earning $ 10,540 earlier.
On Wednesday, bitcoin climbed to a new high of $ 11,427.17, gaining up to 15% before tumbling down to 21% to a low of $ 9,001 in a lightning crash, before bouncing back.
Bitcoin, which is known for its strong fluctuations, and has a tendency to quickly bounce back.
The price of Bitcoin increased significantly in 2017. Although it took almost four months to go from $ 1,000 to a closing price of more than $ 2,000, it went from $ 9,000 to about $ 10,000. in three days.
Its meteoric rise has warned against an increasingly volatile bubble amid signs that it is moving from the periphery of finance to the general public.
{{0 | JPMorgan Chase}} CEO Jamie Dimon recently called Bitcoin a "scam" that would eventually explode, and UBS described Bitcoin as a "speculative bubble" in a recent investor note.
Prices were also boosted after the CME (NASDAQ: CME) group, the world's largest derivatives exchange operator, announced this month its intention to launch bitcoin futures later in the year. year, pending regulatory approvals.
On Wednesday, the Wall Street Journal reported that Nasdaq and Cantor Fitzgerald are also considering launching bitcoin derivatives.
A recent proliferation of the initial supply of coins, in which start-ups create a new virtual coin or token and offer it for public sale, has also fueled purchases.
Elsewhere, Bitcoin Cash is at $ 1.339.90 while Bitcoin Gold is at $ 287.74.
Elsewhere, Ethereum, the second-largest market-ready cryptocurrency is at $ 449.19, after touching $ 518.00 on Wednesday.
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Bitcoin remains close to $ 10,000 this Thursday, a day after touching $ 11,000, after retreating to $ 9,000.
On Bitfinex stock exchange based in the United States, Bitcoin is at $ 10,067.00 at 4:40 AM ET (09:40 AM GMT), after earning $ 10,540 earlier.
On Wednesday, bitcoin climbed to a new high of $ 11,427.17, gaining up to 15% before tumbling down to 21% to a low of $ 9,001 in a lightning crash, before bouncing back.
Bitcoin, which is known for its strong fluctuations, and has a tendency to quickly bounce back.
The price of Bitcoin increased significantly in 2017. Although it took almost four months to go from $ 1,000 to a closing price of more than $ 2,000, it went from $ 9,000 to about $ 10,000. in three days.
Its meteoric rise has warned against an increasingly volatile bubble amid signs that it is moving from the periphery of finance to the general public.
{{0 | JPMorgan Chase}} CEO Jamie Dimon recently called Bitcoin a "scam" that would eventually explode, and UBS described Bitcoin as a "speculative bubble" in a recent investor note.
Prices were also boosted after the CME (NASDAQ: CME) group, the world's largest derivatives exchange operator, announced this month its intention to launch bitcoin futures later in the year. year, pending regulatory approvals.
On Wednesday, the Wall Street Journal reported that Nasdaq and Cantor Fitzgerald are also considering launching bitcoin derivatives.
A recent proliferation of the initial supply of coins, in which start-ups create a new virtual coin or token and offer it for public sale, has also fueled purchases.
Elsewhere, Bitcoin Cash is at $ 1.339.90 while Bitcoin Gold is at $ 287.74.
Elsewhere, Ethereum, the second-largest market-ready cryptocurrency is at $ 449.19, after touching $ 518.00 on Wednesday.