Bitcoin (BTC) Price Collapses

Bitcoin (BTC) Price Collapses

$BTCUSD

Bitcoin (BTC) down as much as 9% Tuesday, falling below the $10,000 mark and pushing losses to over 30% since the largest cryptocurrency hit an 18-month-high last week.

In volatile trading, bitcoin recovered some of that ground by early afternoon to trade down 6% at $9,953.

Wednesday, last week, it tapped $13,880, its highest since January 2018, on hopes that Facebook’s (NASDAQ:FB) unveiling of its Libra cryptocurrency would drive adoption of digital coins.

Traders said there was no news catalyst for the price dive Tuesday, ascribing the moves to largely technical trading.

Other major cryptocurrencies including Etherum and Ripple’s XRP also fell 4% and 5.5% respectively.

Facebook’s announcement that it planned to launch by the end of June 2020 its own digital coin as part of a push into digital payments and e-commerce signaled a resurgence in interest in digital currencies, traders said.

After a relatively quiet few days, daily volatility in Bitcoin has exploded since last week. 

Stay tuned, Bitcoin really acts up on the weekends.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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