Bitcoin s volatile week rattles faith in crypto resurgence
Olivia Raimonde, Bloomberg News VIDEO SIGN OUT
The sharp selloff in Bitcoin this week is stoking fresh questions about the sustainability of the cryptocurrency boom.
Prices for the digital asset have tumbled about 12 per cent this week, marking the steepest decline since September. Bitcoin was higher on Friday, pushed back above US$32,000 after a series of wild swings the past two days. Commentators have cautioned that a sustained drop below US$30,000 could presage further losses.
âBeing Bitcoin, a 10 per cent range intraday is a mere flesh wound to the digital asset, in a world where tradable versus investible is seriously blurred,â said Jeffrey Halley, senior market analyst at Oanda Asia Pacific Pte. The digital coin could âeasily be US$35,000 again tomorrow or could drop through US$30,000 and test notional support at US$27,000.â
Bitcoin’s volatile week rattles faith in Crypto resurgence
Prices for the digital asset have tumbled about 12% this week, marking the steepest decline since September. Photo: istock
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. Updated: 22 Jan 2021, 09:41 PM IST Bloomberg
The sharp selloff in Bitcoin this week is stoking fresh questions about the sustainability of the cryptocurrency boom.
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The sharp selloff in Bitcoin this week is stoking fresh questions about the sustainability of the cryptocurrency boom.
Prices for the digital asset have tumbled about 12% this week, marking the steepest decline since September. Bitcoin was higher on Friday, pushed back above $32,000 after a series of wild swings the past two days. Commentators have cautioned that a sustained drop below $30,000 could presage further losses.
Bitcoin plunge has newbies scrambling to Google double-spend
Vildana Hajric and Olga Kharif, Bloomberg News
Notable Calls: TC Energy, Citigroup and Bitcoin VIDEO SIGN OUT
Bitcoin plunged more than 10 per cent Thursday, sparking a hunt for reasons the notoriously volatile asset was selling off. One that captured attention questioned the very viability of the token itself though it turned out not to be cause for concern.
A report in a trade blog suggested that there had been whatâs known as a double-spend, where the same token is used by the same person in two transactions. Itâs like if someone bought a car, paid the seller, drove off with their brand new wheels and then later yanked back all the money. In the case of the blockchain or the software that underlies Bitcoin and other cryptocurrencies the transaction in question would be excluded from the final tally on the digital ledger.