Bitcoin gained another 6%, expanding its biggest slide since COVID-19 Currency News | Financial and business news

  • Bitcoin drove through the Thanksgiving holiday as a deep drag on prices.
  • The world’s most popular cryptocurrency has fallen by 5.9% to $ 16,242.70 in the last 24 hours.
  • The Coronavirus epidemic in March was the largest since Slam Bitcoin in the market, and it overturned the week-long rally that put the token within a hair of its record high.
  • Other cryptocurrencies including Ethereum and XRP were caught in the sell-off and drowned as well.
  • Watch bitcoin trade live here.

Taking advantage over the Thanksgiving holiday halted the Bitcoin rally and kept the token from crossing the 2017 record.

The world’s most popular cryptocurrency has sunk 5.9% to $ 16,242.70 in the last 24 hours. The slide was Bitcoin’s biggest since the coronovirus pandemic first hit markets in March, and a fresh rebound saw the week-long uptrend fall.

Bitcoin hit an all-time high of $ 300 on Wednesday, when it hit a high of $ 19,494. As the coin cleared the $ 19,000 resistance level on Tuesday, all eyes were on whether it could rise above $ 20,000 for the first time.

Read more: Mike Wilson of Morgan Stanley called the final 2 market sell-offs. He told us 3 indicators he used to make his predictions – and detailed how he is keeping his cool down when others are making doomsday.

“The device remains as volatile and highly speculative as ever,” said Craig Erlam, a senior market analyst at Onda Europe. “There may be more reasons for the boom on crypto than it was three years ago, but some things just haven’t changed. The wild continues.”

Cryptocurrency sales dragged on tokens throughout the day. Ethereum fell by 8.1% and XRP fell by 24.9 hours to 15.9%.

Bitcoin gained phenomenal momentum over the Thanksgiving holiday. PayPal’s adoption of cryptocurrency fueled a token rally in October, and rapid commentary from Wall Street giants including Mike Novogratz and Rick Ridder raised prices further. The renewed interest from retail investors boosted the face-off about Thursday.

Read more: The Goldman Sachs hedge fund VIP list has crushed the S&P 500 60% of the time since 2001. These 15 stock hedge funds are loved and hated the most.

Bitcoin has more than doubled in 2020 despite its recession. The intensity of its rise and fall through the year is similar to its boom and boom of 2017. It remains to be seen whether the intensive price pulls bitcoin to around $ 3,000, as it did three years ago. While some have avoided a broad investor base for cryptocurrencies, others do not anticipate that the wild volatility of bitcoin will calm down anytime soon.

Bitcoin traded as of 8:20 PM ET at $ 17,054.31, up 135% year-over-year.

Now read more market coverage from Markets Insider and Business Insider:

An innovation-focused portfolio manager at a $ 158 billion firm shares 8 disruptive shares across 8 industries that he thinks could grow 30% each year over the next decade.

JPMorgan says the stock-market impact of millennial investors has been seen as a drop in trading volume – and it is actually the older crowd that exerts more influence.

US corporate profits soared to a record $ 495 billion in the third quarter as the economy reopened

B T c

Leave a Reply