Bitcoin sank as much as 19 percent, putting the digital currency on pace for its worst week since January 2015, as volatility climbs following a record-setting surge in the price.
After flirting with $3,000 on Monday, the cryptocurrency has retreated to as low as $2,076.16 in intraday trading. Other digital coins are also falling. The decline coincides with a slide in technology stocks that began after a report from Goldman Sachs Group Inc. warned that low volatility in the biggest tech stocks may be blinding investors to risks like cyclicality and regulation.
One of Goldman Sachs’s technical analysts, Sheba Jafari, sent out a note early this week saying bitcoin was poised for a reversal. Analysts at Morgan Stanley wrote in a report on Wednesday that bitcoin needs government acceptance and regulation in order to keep climbing.
A Senate bill that targets money laundering and terrorist financing has also drawn criticism this week from some bitcoin enthusiasts, who say the proposed legislation is draconian. The bill, which was introduced in May, includes a section that singles out digital currencies and prepaid access devices.
Full story at https://bloom.bg/2rBpJW7
Donation:
If you appreciate the things I share,
consider making a contribution no matter
how small via PayPal. If you use Bitcoin you can
send donations to my Bitcoin Wallet:
12pAsyMdZoTHPvkiRAZiuQhC8bF4DLbYpQ
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.