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REUTERS / Stephen Lam
- Bitcoin fell further over the Thanksgiving holiday, as intense profit taking weighed on prices.
- The world’s most popular cryptocurrency has fallen 5.9%, to $ 16,242.70, in the past 24 hours.
- The recession is the biggest for Bitcoin since the coronavirus pandemic hit markets in March and reverses the multi-week rally that put the token in record hair.
- Other cryptocurrencies, notably Ethereum and XRP, were taken in the sale and also sank.
- Watch live bitcoin trading here.
Profit-taking during the Thanksgiving holiday stalled Bitcoin’s rally and prevented the token from returning to records not seen since 2017.
The world’s most popular cryptocurrency has fallen 5.9%, to $ 16,242.70, in the past 24 hours. The drop is Bitcoin’s largest since the coronavirus first rocked markets in March and reverses the multi-week uptrend fueled by a new uptrend.
Bitcoin came in below $ 300 from setting a new all-time high as recently as Wednesday, when it hit an intraday high of $ 19,494. With the resistance level of $ 19,000 being cleared for the first time on Tuesday, all eyes were wondering if the coin might break above $ 20,000 for the first time.
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“This instrument remains as volatile and highly speculative as ever,” said Craig Erlam, senior market analyst at Oanda Europe on Friday. “There may be more reasons to be bullish on cryptos than there were three years ago, but some things just haven’t changed. The mad rush continues.”
The sale of the cryptocurrency lagged behind other tokens throughout the day. Ethereum fell 8.1% and XRP fell 15.9% to a 24-hour low.
Bitcoin has seen tremendous momentum as the Thanksgiving holiday approaches. The adoption of cryptocurrency trading on PayPal sparked the token rally in October, and bullish comments from Wall Street giants, including Mike Novogratz and Rick Rieder, pushed prices further. New interest from retail investors extended the push until November before Thursday’s about-face.
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Granted, bitcoin has more than doubled in 2020 despite its collapse. The magnitude of its rise and fall throughout the year resembles the boom and bust of 2017. It remains to be seen whether the intense price swings bring bitcoin down to around $ 3,000 like it did there. is three years old. While some tout a broader investor base as a key carrier for the cryptocurrency, others are not convinced that bitcoin’s wild volatility will cool down anytime soon.
Bitcoin traded at $ 17,054.31 at 8:20 a.m. ET on Friday, up 135% year-to-date.
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