Bitcoin falls practically $ three,000 after hitting its file
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LONDON – Bitcoin is down nearly $ 3,000 in less than 24 hours after hitting highs that have not been seen since late 2017.
The price of Bitcoin was trading at $ 19,374 at 1:45 p.m. London time Wednesday when it started its slide. Losses accelerated overnight, with the price falling from $ 18,824 at 2 a.m. on Thursday to $ 16,857 at 9 a.m., according to industry site CoinDesk.
Bitcoin was in jeopardy in 2020, rising over 150% in one jump. Crypto enthusiasts have unprecedented monetary and fiscal incentives in response to the Covid-19 crisis, as well as the interest of well-known investors like Paul Tudor Jones and Stanley Druckermiller.
The most recent fall comes as many predicted that the cryptocurrency would soon hit an all-time high of $ 20,000.
Antoni Trenchev, managing partner and co-founder of Nexo, which bills itself as the world's largest crypto lender, predicts Bitcoin will soar well into the $ 20,000 mark and beyond.
"In the long run, I don't see anything that will affect the irrevocable surge in Bitcoin," Trenchev said. "That doesn't mean we won't have retreats along the way. Look what happened in March. Bitcoin is down 40% in one day during the panic in the coronavirus market. 20-30% falls can and should." to be expected."
He added: "Any healthy market has to go into retreats and phases of consolidation. As early as 2020 we were able to record growth of 160%."
Bitcoin hit a high of $ 19,783 in December 2017. After that milestone was reached, the bubble burst and Bitcoin fell to $ 3,122 the following year.
It rose above $ 15,000 on November 5, above $ 18,000 on November 19, and above $ 19,000 on November 24.
Bitcoin's market value – calculated by multiplying the total number of bitcoins in circulation by its price – is now $ 315.3 billion, up from $ 355.9 billion on Tuesday, according to CoinDesk.
– CNBC's Ryan Browne contributed to this story.