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Bitcoin Recovers Some Losses After Its Worst Week Since 2013 (reuters.com)

Posted by ryuzaki0 on from the backwards-and-forwards-and-upside-down dept.

An anonymous reader quotes a report from Reuters: Bitcoin fell nearly 30 percent at one stage on Friday to $11,159.93. At 3:09 p.m. (2009 GMT) on Tuesday, bitcoin BTC=BTSP was up 15 percent at $16,030 in light trading on the Luxembourg-based Bitstamp exchange. The digital currency had risen around twentyfold since the start of the year, climbing from less than $1,000 to as high as $19,666 on Dec. 17 on Bitstamp and to over $20,000 on other exchanges. Critics have pointed to bitcoin's design flaws and hacks of digital "wallets" in which bitcoins are kept as an alternative to traditional currencies. Prices of other cryptocurrencies, which slid along with bitcoin last week, have also recovered, with Ethereum, the second-biggest cryptocurrency by market size, quoted around $771, up from Sunday's low of $689 but still far from highs around $900 hit last week.

3 of 150 comments (clear)

  1. Re:Tulip farmers say Tulip market will bounce back by Richard_at_work · · Score: 5, Interesting

    People shit themselves when the Dow Jones index drops a hundred points. Bitcoin just essentially did the equivalent of dropping ten thousand points, and people are laughing it off.

  2. Bitcoin, Welcome to wall street by hAckz0r · · Score: 5, Interesting
    Enter the traders market. The one thing for certain is that the value of Bitcoin will never be stable again.

    .
    Hold them while you can, and don't worry, the price will be back up. Just as soon as those with enough money to manipulate the market are ready to cash in. You just need to sell before they do, and so the price goes back down again.

    You thought the stock market was bad? Companies have intrinsic value. You can sell a physical hole in the ground for cash. Bitcoins are only worth what the people that don't have them assigns to them. Lets hope that value isn't zero anytime soon.

  3. Yawn by Orgasmatron · · Score: 4, Interesting

    Seen around the internet

    Bitcoin has "crashed" 30% SIX TIMES in 2017. Each "crash" has been followed by an increase of: 76%, 237%, 183%, 165%, 152%. Bitcoin takes 7 steps forward, 2 steps back. Every 2 steps back is heralded as the end of #bitcoin. Relax!

    --
    See that "Preview" button?