Bitcoin fell as much as 20 percent from an all-time high
it recorded this week. The cryptocurrency reached an all-time $11,434 this
week, creating an unprecedented surge in traffic as everyone wanted to get a
hold of the world’s biggest cryptocurrency.
it recorded this week. The cryptocurrency reached an all-time $11,434 this
week, creating an unprecedented surge in traffic as everyone wanted to get a
hold of the world’s biggest cryptocurrency.
The fall saw Bitcoin loose
over $2000 off its highest value of $11,434, and dropping to as low as $9,009,
a drop which represents a 20 percent fall in value for the world’s biggest
cryptocurrency.
over $2000 off its highest value of $11,434, and dropping to as low as $9,009,
a drop which represents a 20 percent fall in value for the world’s biggest
cryptocurrency.
Bitcoin had risen to an
all-time $10,000 high during the week amidst heighten concerns from industry
observers that the cryptocurrency was in “bubble”, considering that
it ended September a little above $4,000.
all-time $10,000 high during the week amidst heighten concerns from industry
observers that the cryptocurrency was in “bubble”, considering that
it ended September a little above $4,000.
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With the rise in value of
Bitcoin, investors were in a rush to buy and sell, leading to huge exit, a
development that is seen as a major reason for the fall. David Mondrus, chief
executive of Trive, a blockchain-based platform sums it up as thus: “After
doubling in such a short period of time, people are taking profits. Issues in
the exchanges add to it without a doubt. When you have a lack of stability to
exit, then people dump in order to exit faster”
Bitcoin, investors were in a rush to buy and sell, leading to huge exit, a
development that is seen as a major reason for the fall. David Mondrus, chief
executive of Trive, a blockchain-based platform sums it up as thus: “After
doubling in such a short period of time, people are taking profits. Issues in
the exchanges add to it without a doubt. When you have a lack of stability to
exit, then people dump in order to exit faster”
This is not the first time
that Bitcoin would experience this as it has fallen by at least 25 percent in
three separate occasions in 2017 alone. It has since risen from $9,009 to
10,087.79 as at the time of this report.
that Bitcoin would experience this as it has fallen by at least 25 percent in
three separate occasions in 2017 alone. It has since risen from $9,009 to
10,087.79 as at the time of this report.