The cryptocurrency rollercoaster: Bitcoin plunges below $10,000 then bounces 20% - while Ripple soars 84% in just 24 hours - Global Times


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Sunday, 21 January 2018

The cryptocurrency rollercoaster: Bitcoin plunges below $10,000 then bounces 20% - while Ripple soars 84% in just 24 hours

  • Cryptocurrency prices had crashed over recent days before bouncing
  • Bitcoin price has swung around by almost 40% in one week 
  • Smaller rival Ripple tumbles 54% and then bounces by 84% 
The bitcoin rollercoaster has continued to deliver spectacular price moves as the cryptocurrency dropped below $10,000 and then bounced 20 per cent to top $12,000.
Bitcoin's price plunged below $10,000 yesterday amid fears the speculative bubble that fuelled its meteoric rise may have popped. The online currency dropped as much as 19 per cent in a fresh trading rout.
Yet today the price rallied as those chasing gains decided the drop was a buying opportunity and by 4pm bitcoin was back at $12,004, according to Coindesk data.
The biggest cryptocurrency bitcoin has seen its price move by almost 40% in a week
At one point yesterday, bitcoin's price had halved since peaking at close to $20,000 in mid-December.
The latest rout was fuelled by speculation that crackdowns in China and South Korea will close two of the currency’s most important markets.
It sparked a panicked sell-off which spread to other digital currencies such as Ethereum and Ripple, wiping out £148bn, or close to a third of the value of the market as a whole.
Bitcoin’s rise has been fuelled by a surge in interest from people seeking to get rich quick, many of whom are younger inexperienced investors.
People have been rushing to buy bitcoin and other cryptocurrencies through dedicated platforms such as Coinbase. 
However, they are also trading it on spreadbetting sites or getting exposure through derivatives such as contracts for difference, known as CFDs, on popular sites such as EToro.
There is a concern that many people placing money on bitcoin and its rivals through trading sites do not realise that they don't actually own any cryptocurrency
Last year bitcoin climbed as much as 1,900 per cent before the tide turned. 
Experienced traders have warned repeatedly that this huge increase in value was unsustainable. Some have been playing the market, while others admit to being completely bemused.
Over the past week alone, the price of bitcoin has moved around by about 40 per cent. It has traded as high as almost $15,000 and as low as $9,500. 
Other cryptocurrencies have swung about even more wildly. 
At 4pm UK time on Thursday 18 January 2018, the price of Ripple had risen 84 per cent in 24 hours, from $0.93 to $1.71 but remained 20 per cent below its high point of the past week at $2.13.

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