Bitcoin hovered around USD 9,600 in volatile trade on Friday, after tumbling about 15 percent from an all-time high hit this week as some money managers warned ominously of a bubble and further falls in the stratospheric cryptocurrency.
Bitcoin hovered around USD 9,600 in volatile trade on Friday, after tumbling about 15 percent from an all-time high hit this week as some money managers warned ominously of a bubble and further falls in the stratospheric cryptocurrency.
Bitcoin was last down around 3.4 percent at USD 9,612.60 on the Luxembourg-based Bitstamp exchange, from a record peak of USD 11,395 set on Wednesday. On Thursday, it went as low as USD 9,000.
The latest slide has tempered an astronomical rise in recent months: Bitcoin had jumped almost 1,100 percent year-to-date on Wednesday. As of 0200 GMT, it was still up around 915 percent.
One wealth manager said technical chart analysis was predicting deeper falls.
"A correction could bring bitcoin back to its previous level of chart support of around USD 7,500. That's over a 20 percent drop from its current price," said Shane Chanel, equities and derivatives adviser at ASR Wealth.
"Without everyday utility, pure speculation is driving prices at the moment. Traders are forced to use technical indicators to make buy and sell decisions."
Despite its massive fall this week, bitcoin still ended November 54.6 percent higher, its best monthly performance since a near 66 percent gain in August.
The cryptocurrency has posted monthly losses only three times in 2017.
Bitcoin's rise has been fuelled by signs that the digital currency is slowly gaining traction in the mainstream investment world, as well as by increasing public awareness.
For more detail click here Ripples Advisory
No comments:
Post a Comment