News24
26 Nov 2020, 18:13 GMT+10
Bitcoin and other digital currencies plunged Thursday, a slide likely to stoke speculation about the durability of the boom in cryptocurrencies.
Bitcoin slumped as much as 8.7%, the most since early August, while digital coins like Ether also tumbled. The Bloomberg Galaxy Crypto Index at one point slid more than 6%.
"Conditions are very massively overbought and bound for a correction," said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. "So I don't think it's unusual frankly."
Even with the retreat, Bitcoin has more than doubled this year and until recently was knocking on the door of the record high of $19 511 set in 2017. Crypto believers tout purchases by retail investors, institutions and even billionaires, as well as the search for a hedge against dollar weakness amid the pandemic, as reasons why the boom can last.
"It's also not unusual to see a short-term pullback following periods of significant, accelerated gains as traders look to take profits before resetting once volatility subsides," he said. "Once the dust settles, we're back to business as usual with all medium to long-term bullish indicators still in play."
Get a daily dose of Entertainment Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Entertainment Sun.
More InformationWASHINGTON, DC - A Utah man has been charged with breaking into the U.S. Capitol last week wearing a bullet-proof ...
Provided by Xinhua | &A 6.2-magnitude earthquake has killed 35 people in Indonesia, injuring 637 and displacing around 15,000 people.JAKARTA, ...
Five United Nations peacekeepers lost their lives on Wednesday, 4 in Mali and one in the Central African Republic. 4 ...
BEIJING, China - A team of 10 World Health Organisation (WHO) experts arrived in Wuhan on Thursday to investigate the ...
WASHINGTON, DC - U.S. President Donald Trump on Wednesday became the second U.S. president in history to be impeached.Democrats were ...
SAN FRANCISCO, California - Jan. 13 (Xinhua) -- Airbnb announced on Wednesday that it will cancel reservations in the Washington, ...
We're not guaranteeing you won't be banned for being outright obscene, but if American social networks have become too much ...
With a flick of the remote one summer day in 2007, Son Sang Hyok's life changed forever.Son turned on the ...
New Delhi [India], January 15 (ANI): Multiplex player PVR Cinemas on Friday reported a consolidated net loss of Rs 49 ...
Washington [US], January 15 (ANI): South African comedian and TV host Trevor Noah has recently purchased a lavish contemporary mansion ...
By Syeda Shabana ParveenBirbhum (West Bengal) [India], January 15 (ANI): Ruling Trinamool Congress (TMC) party leaders have become vocal against ...
Washington [US], January 15 (ANI): After delivering several superhit flicks in Hollywood, actor Matthew McConaughey hinted at exploring a career ...