Topic: [2017-11-30] Bitcoin loses over a fifth of its value in less than 24 hours (Read 1048 times)

"LONDON (Reuters) - Bitcoin slid to as low as $9,000 in volatile trade on Thursday, having lost more than a fifth of its value since hitting an all-time high of $11,395 on Wednesday. BTC=BTSP."


The cryptocurrency fell as much as 8 percent on Thursday on the Luxembourg-based Bitstamp exchange to hit $9,000 exactly, marking a fall of well over $2,000 in under 24 hours. It then edged back up to trade at around $9,400 in the hour that followed, still down roughly 4 percent on the day. (Graphic: Bitcoin searches exceeds that of Trump - reut.rs/2zSavA6)

One market-watcher attributed the fall to outages in bitcoin exchanges and the heavy price surge of recent times.

“Naturally a few of the early bitcoin traders are taking some profits off the table,” said Charles Hayter, founder of CryptoCompare.com.

“Volatility is in the market at the moment and that means both positive and negative moves.”

The latest fall has tempered an astronomical rise for the cryptocurrency in recent months - bitcoin was up almost 1,100 percent year-to-date on Wednesday. As of 1500 GMT on Thursday, it was still up around 880 percent.



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They should also realize that bitcoin gained the same amount in less than 24 hours. No one should panic about it since bitcoin just returned where it came from  almost the same price before it crossed the $10,000 barrier.