Investors Dump Cryptocurrencies; Bitcoin Falls $800 to 1-Year Low

Bitcoin's near-$800 decline on Wednesday might not have raised an eyelid six months ago, but in what has become a lifeless market of late, the fall is alarming.

#News #BTC #Crypto #ETH #USD
Email share     Facebook     LinkedIn    Twitter
Bitcoin chart news and forecast

When last seen a little after 10:30pm GMT on Wednesday, bitcoin was trading on the Hong Kong-based Bitfinex exchange marginally back above June’s low of $5,755, at $5,811, after trading two hours earlier at a one-year low of $5,678. A $792 decline between the hours of 9am and 9pm GMT—a fall of 12.2 percent—amounts to nearly five times the median daily trading range for the past six weeks.

Sorrow was far-reaching, with all other major coins, including ripple, ethereum, bitcoin cash, Litecoin and EOS, losing at least 10 percent on their valuations from a day earlier.

It is not entirely clear what triggered Wednesday’s broad sell-off but it may be a case of crypto-investor nerves ahead of Thursday’s hard fork in bitcoin cash.

Stakeholders in crypto exchanges continue to offer optimistic forecasts for digital currencies but their conflicts of interest are all too apparent.

A month ago, UK-based Juniper Research—an independent digital technology consultancy—predicted an “implosion” in the crypto industry based on the inability of bitcoin to make summer gains in what should have been extremely favourable conditions.


Further Reading


Coronavirus spread fears linger – USD strong – AUD at 11 year lows

This week the US Dollar was touching three-year highs when valued against a basket of major currencies. The greenback’s traditional role as one of the safe-haven currencies is helped by a domestic economy that is largely immune to the threats of the coronavirus.

Last update: 22 Feb, 2020

Coronavirus unnerves currency markets

The strong start to the year for “risk-on” currencies is already a distant memory.

Posted: 3 Feb, 2020

New Year Optimism Retreats on US/Iran Tension

The threat of a proxy war between the US and Iran in Iraq has pared back some of the recent gains of “risk-on” currencies.

Last update: 8 Jan, 2020


Posted to: News

Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.

Get a Better FX Deal when you Send and Spend Abroad.


Do NOT follow this link or you will be banned from the site!