Forex Morning Briefing: Bitcoin
- Bitcoin Looks Weak, as Tough Holiday Period Continues
Bitcoin is coming under selling pressure once again, with efforts by SKorean authorities to rein in speculation being blamed for the drop of around 10%.
Currently Bitcoin is trading at: 14,619.9951,+9.9697, +0.07%, as of 8:41a GMT, the market is open.
While this is likely a contributing factor, it is very likely that the pre-Holiday drop, sees speculators more sensitive to negative news.
Recall that we saw lots of this in reverse on the way North, with positive news triggering significant rises and negative news brushed off.
Do not be surprised if we see prices heading back to below $10,000 before they find some footing.
Have a safe and sane New Year’s Holiday Weekend.