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Tuesday, May 16, 2017

Bitcoin Price Plummets Over 10% in Massive Sell-Off

Bitcoin Price Plummets Over 10% in Massive Sell-Off

If you go back in time, to April 19th, you could still get a Bitcoin for around $1200 USD. This is no longer the case, as BTC has been on one its most epic “bull runs” ever, rising over 50% in value in about twenty days. The run ended yesterday, as Bitcoin price fell from $1843 on Thursday to less than $1655 on Friday afternoon, a better than 11% drop in price over a 24 hour period. Prices continued to fall below $1650 on Friday evening.

This roller coaster ride was clearly started in Japan, where Bitcoin was officially made the equivalent of legal tender by regulation on April 1st. This brought Bitcoin one initial shot of strength, bringing the price from south of $920 USD to about $1200 before leveling off. After a cooling off period, a mad dash into Bitcoin began again, and Bitcoin has been on a roll ever since, until yesterday.

Speaking of dash, the altcoin Dash did not do its job yesterday. Dash has spent the majority of the year being ying to Bitcoin’s yang, the counterbalance to the volatile Bitcoin market forces. However, as Bitcoin was falling yesterday, so was Dash’s market value, dropping 4% on Friday afternoon. Ethereum’s Ether values went largely unaffected yesterday, staying around $90 USD.

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