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Monday, May 29, 2017

Bitcoin briefly plunges below $2,100 as upward momentum fades

Bitcoin briefly plunges below $2,100 as upward momentum fades

On each of the last four days, the digital currency rose more than $100 to the high for the day, climbing as much as $315 on Thursday, more than 40 percent higher for the week, before erasing those gains, CoinDesk data showed.

The advances came as the Digital Currency Group announced agreement on plans to improve bitcoin's technological development. New York also hosted two digital currency conferences this week: Consensus and Token Summit.

Chris Burniske, blockchain products lead at ARK Investment Management, tweeted Friday that people are "fatigued" from the conferences. He also pointed out that the total market value of cryptocurrencies has fallen about 10 percent from a recent peak of $90 billion.

Analysts had pointed to increased buying interest in other digital currencies as supporting bitcoin's surge.

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