Bitcoin rises to 11,000 and then collapses

Bitcoin on roller coaster. The cryptovalue resizes after being passed in less than 24 hours, from 10,000 to a peak of $ 11,434 and then back up to 9,000.

This sensitive correction was still to be expected: Bitcoin is a very volatile asset and often, from the beginning of the year, a rally is followed by a rapid depreciation of more than 20%. However, fears remain high for a speculative bubble, since the digital currency since the beginning of the year grew by 1000%. Suffice it to think that in January 2017 he traveled around $ 1,000, breaking then $ 5,000 in October to get to the levels seen in recent days.

The virtual currency such as Bitcoin "without identifiable issuers" is a "supposed innovation" that moves in a market context from "speculative character". It is the tough attack launched by Yves Mersch, a member of the Governing Council of the ECB, in a speech at the Bank of Italy. The Luxembourg banker recalled "the significant increase in the value of some virtual currencies, ranging from modest levels" by calling on "not to lose sight of their marginal use as a settlement activity and their overall degree of acceptance among users such as means of payment is negligible. " These virtual currencies, Mersch added, "being virtually virtual, do not represent a credit to a broadcaster and do not formally qualify as a currency."

"Their buying power - he warned - is subject to wide fluctuations and depends solely on the speculators market activity. It remains to be seen whether these virtual currencies can be considered as alternative payment instruments for consumers, except in extreme cases such as in failed states. " Their future - he concluded - also depends on the ability of currencies with Bitcoin to "compete with solutions that operators will be able to develop in the safest and most efficient European retail payment market."

President of the Federal Reserve of New York, William Dudley, said that the US Central Bank is considering the idea of ​​launching its own digital currency, which has contributed to fueling purchases on Bitcoin.