Bitcoin has increasingly made headlines recently with its 1,700% surge this year, now the currency is starting to show signs of weakness as it plummets $2,000 in the last 12 hours.
The steep decline followed a $1,000 drop just yesterday that The Goldwater reported on,
The massive decline triggered the temporary, built-in trading safety's that halted the bitcoin futures trading on the CME and Cboe. The cryptocurrency plunged 17 percent to a low of $13,077.94 after reaching a high of $19,800 on Sunday.
<img src="https://media.8ch.net/file_store/f4ff7a31a641b0069060fc128675e67227909c5de0261bbc195df7b3e61c74cb.png" style="max-height:640px;max-width:360px;">
<span style="margin-top:15px;rgba(42,51,6,0.7);font-size:12px;">Credit: CoinDesk</span>
Although bitcoin dropped $2,000 from $15,830, it bounced back to around $14,423 as of 11:19 p.m., ET. A graph showing bitcoin's trading price shows that despite the sharp decline, the digital currency is still up more than 1,300% on the year.
The volatile week for bitcoin is likely due to several contributing factors such as the bitcoin offshoot bitcoin cash which soared to record highs above $4,000 Wednesday as cryptocurrency marketplace Coinbase tries to make it possible to trade the digital currency on the market.
When Thursday rolled around, prices in both Bitcoin and bitcoin cash dropped seeing the later fall 15.5% to $2,761 as of 11:24 p.m., ET, according to CoinMarketCap. Even with the sharp decline Thursday, bitcoin cash is still up over 600% since it's split from the original bitcoin on August 1.
Although digital currencies such as Bitcoin have been extremely volatile, they have held up so far and proven to be quite resilient. Bitcoin has already recovered from several 20% declines earlier this year only to reach new record highs.
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