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Bitcoin reaches $11,000 -- then price drops 20%

FutureGizmo · 7 · 3388

FutureGizmo

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Ingat! Only invest what you can afford to lose.  :D

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Bitcoin reaches $11,000 -- then price drops 20%


Bitcoin plunged as much as 20% hours after a rally past $11,000 generated a surge in traffic at online exchanges that led to intermittent outages.

The plunge capped a wild day for the largest cryptocurrency that included a breakneck advance to a high of $11,434 before the reversal took it as low as $9,009. As of 3:36 p.m. in New York, it traded at $9,911.10, virtually unchanged from where it began the session.

The heaviest selling came amid reports of service outages and delays on some of the largest online exchanges. The extent of the problems on platforms such as Coinbase and Gemini remained unclear, with several saying massive spikes in traffic had caused unspecified problems. Coinbase remained unavailable to some users.

Bitcoin had rallied 20 percent in just four days, topping $10,000 for the first time earlier this week in a runup that drew increased warnings it was in a bubble. The cryptocurrency ended September at $4,171.25.

“After doubling in such a short period of time, people are taking profits,” said David Mondrus, chief executive of Trive, a blockchain-based research platform. “Issues in the exchanges add to it without a doubt. When you have a lack of ability to exit, then people dump in order to exit faster.”

While not uncommon, outages at online exchanges have earlier led to selloffs in cryptocurrencies. Coinbase, one of the biggest platforms, earlier tweeted traffic was at an all-time high after bitcoin surged to a record $11,434 at 9:11 a.m. in Bloomberg composite pricing.

The cryptocurrency is extremely volatile and susceptible to major dips -- it’s fallen by at least 25 percent on three separate occasions in 2017 already.

From: https://www.bloomberg.com/news/articles/2017-11-29/wild-bitcoin-ride-erases-2-200-in-five-hours-after-record-rally
« Last Edit: Nov 30, 2017, 06:37 AM by FutureGizmo »


whitehat43

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Reply #1 on: Dec 02, 2017, 06:02 PM
Hehe.. since crypto are very volatile since the valuation is not determined ganyan talaga ang movement nya..

1h charts as of today


Bitworx

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Reply #2 on: Dec 03, 2017, 05:45 PM
Bitcoin back to the $11K range... projection was USD10K by end of the year pero na hit na niya this early!

buy small and let it grow! Bitcoin to the moon ang projection! #buy&HODL , #learnhowtotradewithnoloss! #earniterestpassivelyupto1%perday! #investBTCnow!


part_timer_lang

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Reply #3 on: Dec 17, 2017, 03:27 PM
Bitcoin passed the $19,000 mark. Awaiting $20,000.


lantranhana

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Reply #4 on: Dec 25, 2017, 06:24 PM
When the gates opened on Bitcoin's post-Thanksgiving rally that saw it top $11,300 in a matter of days, everyone was queuing to get aboard the roller coaster as mainstream individual adoption seemed to be in full swing.


josesv

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Reply #5 on: Jan 23, 2018, 05:10 AM
Bitcoin Defends $11,000 Mark and Eyes Move Higher

Bitcoin is stuck in a narrow range currently, but a breakout may lie ahead, the price charts indicate.


pinoynetworker

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Reply #6 on: Feb 09, 2018, 09:58 AM
Currencies regular or crypto can be subject to bubbles...

https://www.coindesk.com/2017-review-bankers-think-bitcoin/

Warren Buffett, the billionaire investor and perhaps the most notable figure of all listed here, called bitcoin "a real bubble" on Oct. 26 during a question-and-answer session he hosts every year.

At the time, bitcoin stayed close to the $5,700 mark.

"People get excited from big price movements, and Wall Street accommodates … You can’t value bitcoin because it’s not a value-producing asset.”



 


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