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Bitcoin loses fifth of its value in less than 24 hours

By ABHINAV RAMNARAYAN
Reuters

November 30. 2017 9:50PM
A copy of bitcoin standing on PC motherboard is seen in this illustration picture on Oct. 26. (REUTERS/Dado Ruvic/File Photo)



LONDON — Bitcoin slid to as low as $9,000 in volatile trading on Thursday, having lost more than a fifth of its value since hitting an all-time high of $11,395 on Wednesday.

The cryptocurrency fell as much as 8 percent on Thursday on the Luxembourg-based Bitstamp exchange to hit $9,000 exactly, marking a fall of well over $2,000 in under 24 hours.

It then edged back up to trade at around $9,400 in the hour that followed, still down roughly 4 percent on the day.

One market-watcher attributed the fall to outages in bitcoin exchanges and the heavy price surge of recent times.

“Naturally a few of the early bitcoin traders are taking some profits off the table,” said Charles Hayter, founder of CryptoCompare.com.

“Volatility is in the market at the moment and that means both positive and negative moves.”

The latest fall has tempered an astronomical rise for the cryptocurrency in recent months — bitcoin was up almost 1,100 percent year-to-date on Wednesday. As of 3 p.m. on Thursday, it was still up around 880 percent.

The rise has been fueled by signs that the digital currency is slowly gaining traction in the mainstream investment world.


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