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.
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.
The British pound was in high demand on Tuesday ahead of an important meeting between British PM Theresa May and EU officials, at which investors are hoping for a Brexit breakthrough.
19 Feb, 2019 by - Last updated:23 Feb, 2019
Those intending to pick up euros this week should consider heeding warnings offered by MUFG. The bank expects the euro to move towards cheaper levels in the coming days and it would therefore be unwise to pay rates offered on Monday.
18 Feb, 2019 by
The forecast is stormy with the embattled Australian dollar set to lose a further 7 per cent of its value and end the year buying only US66¢, analysts at HSBC have said. A decline into the mid-60s would have the Aussie trading at levels not seen in a decade.
15 Feb, 2019 by - Last updated:20 Feb, 2019
Chinese fintech giant Ant Financial has acquired British payments specialist WorldFirst for an undisclosed amount.
14 Feb, 2019 by - Last updated:21 Feb, 2019
The New Zealand dollar leapt on Wednesday in response to the latest remarks from the RBNZ, which said that interest rates in New Zealand would not be lowered this year or next, wrong-footing investors who had adjusted FX positions to account for lower rates.
13 Feb, 2019 by - Last updated:14 Feb, 2019