Bitcoin Recovery After the Crash
After crashing just before the holiday, Bitcoin is now on its recovery mode. On USA Today’s story from December 22 of 2017. Bitcoin plunged on December 15, taking the digital currency briefly below $11,000 and down 44 percent from a record high hit at the start of the week. Bitcoin had rallied to a record high above $19,800 on Sunday and was trading near $15,500 for much of Thursday New York time, according to Coinbase. But an afternoon selloff accelerated into the night, and bitcoin dropped 30.2 percent Friday morning to a low of $10,400 on Coinbase. It was trading back near $12,750 mid-morning Friday.
According to City A.M, the price of a bitcoin rallied by more than 15% from midnight on Christmas day to the time of publication to smash back through $16,000 in later afternoon trading, according to the Coindesk price index.
With cryptocurrency markets continuing to trade at all hours when other markets have been winding down for holidays, traders in bitcoin have already endured a highly volatile Christmas period.
As investors from around the world have piled into the crytocurrency, bitcoin’s dollar value has increased by around 15 times over the last year,
Based on a decentralized blockchain transaction ledger, bulls for the cryptocurrency argue bitcoin will form the basis of a new form of money independent from traditional power structures such as governments and central banks, although the wild swings in value at present make it all but useless for day-to-day transactions.
Keep watch for some video analysis coming on the major cryptocurrencies, they will be posted here on the blog as well as talked about on our facebook page.