Bitcoin tops record $19,000, then plunges in wild 2-day ride

Bitcoin rocketed above $19,000 for the first time on Thursday before falling sharply from its record high.

In trading on the Coinbase exchange, the digital currency hit a high of $19,340 before falling more than 20 percent from that level to $15,198.63. At 4:08 p.m. New York time, the cryptocurrency traded at $16,362.99. The price on Coinbase is often at a premium over other exchanges. Coinbase is one of the major cryptocurrency exchanges accounting for a third of bitcoin trading volume.

Bitcoin 1-day chart

Source: Coinbase

“It goes without saying that prices have reached a level where sentiment is exhibiting short-term euphoria,” said Mark Newton, managing member at Newton Advisors, in a note to clients. “But to think prices are at mania levels where this could suffer a serious crash here… is a bit ridiculous.”

“I truly don’t think people are involved on a mass scale yet. We’ve heard the fraud claims. Now we need people profiting immensely all around us and making forecasts for $1 million, etc., for it to truly have reached a euphoric peak,” Newton said.

Comments

comments

Filed in: Mainstream Bitcoin Tags: ,

You might like:

Bitcoin's Price Drops Below $10,000 for First Time Since Early December Bitcoin's Price Drops Below $10,000 for First Time Since Early December
The First Blockchain ETFs Have Launched on the Nasdaq Exchange The First Blockchain ETFs Have Launched on the Nasdaq Exchange
Enterprise Ethereum Alliance Appoints First Executive Director Enterprise Ethereum Alliance Appoints First Executive Director
As Bitcoin's Slide Continues, Prices Look Towards $8K As Bitcoin's Slide Continues, Prices Look Towards $8K
To Understand Bitcoin, I Studied Karl Marx To Understand Bitcoin, I Studied Karl Marx
Blockstream Launches Micropayments Processing System for Bitcoin Apps Blockstream Launches Micropayments Processing System for Bitcoin Apps
Proposed US Task Force Would Tackle Crypto Use in Terrorism Financing Proposed US Task Force Would Tackle Crypto Use in Terrorism Financing
Tokens Will Bring Conflicts of Interest to Healthcare Tokens Will Bring Conflicts of Interest to Healthcare
© 2018 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.