Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Bitcoin price tanks from near all-time high

Bitcoin price tanks from near all-time high

Bitcoin tanked Thursday as its price came within striking distance of an all-time high. The price of bitcoin was trading at $17,185, down $794, or 4.42%, at 7:15 a.m. ET. The cryptocurrency hit an overnight low of $16,581.20.

Thursday's selloff comes after the cryptocurrency during the prior session touched a high of nearly $19,391, just 0.54% below its all-time closing peak of 19,497.

“Volatility is really baked into the cake when it comes to bitcoin,” said Mati Greenspan, founder of Quantum Economics, a Tel Aviv-based project for helping people understand financial markets. “These type of sizable corrections have occurred quite frequently in all of her major bull runs. It's the markets way of shaking out traders with weak hands and/or too much leverage.”

Bitcoin, the largest cryptocurrency by market capitalization at more than $321 billion, has had a strong 2020, gaining 160% through Wednesday.

The cryptocurrency’s price has benefitted, along with other risk assets, from monetary and fiscal stimulus that has been deployed all over the world to combat the economic damage caused by lockdowns aimed at slowing the spread of COVID-19.

“We remain bullish as ever and still feel that a fresh all time high is possible before Christmas,” Greenspan said.

The allure of bitcoin’s price surge has caught the attention of Hollywood stars and previously skeptical Wall Street investors.

Billionaire investor Stanley Druckenmiller earlier this month told CNBC that he bought bitcoin due to its potential as a “store of value.”

Also getting in on the bitcoin frenzy was “Game of Thrones” star Maisie Williams, who took to Twitter for her investing advice. She bought the cryptocurrency despite more poll respondents telling her not to do so.

While bitcoin seems to be gaining popularity with the masses, there are still plenty of skeptics, including Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund with $98.9 billion in assets.

He recently argued the cryptocurrency’s volatility means it is not a store of value and that it has little correlation with the prices of goods, meaning owning it “doesn’t protect” buying power, among other things.


AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
×