Bitcoin's Price Flops Back to $15,000
Bitcoin's Price Flops Back to $15,000
Bitcoin fell toward $15,000 after the cryptocurrency’s biggest rally in two weeks ended a rout that wiped more than $9,000 off the price.
The largest digital coin fell 4.6% to $15,214 at 10:08 a.m. in New York, having earlier climbed as much as 3.6%. Among rival digital currencies, ripple extended its gains to 9.6%, while ethereum and litecoin fell 1.2% and 6.2% respectively, according to data compiled by Bloomberg.
The relatively quiet day for bitcoin comes on the heels of a five-day slump that reached 44% at its depths and took the coin below $11,000 on Friday. Just four days earlier, it rose within striking distance of $20,000 after a torrid advance that started in early December.
Investors continued to snap up shares in companies often seen as a safer alternative to investing directly in the cryptocurrency itself. Digital Power rose in early trading after saying it’s boosting its computing infrastructure to mine digital coins. On Track Innovation also advanced.
Bitcoin’s volatility is adding to an ongoing debate about how to value the digital coin which has surged about 1,600 percent this year.
“Nobody knows the ultimate value of this underlying asset,” Edward Stringham, president of the American Institute for Economic Research, a Massachusetts-based research group, said on Bloomberg Television. “We cannot predict whether it’s going to be zero or $1 million or anything in between.”
Bitcoin's Price Flops Back to $15,000
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