Bitcoin more volatile than ever
Bitcoin benefited from highest surge in 15 months before experiencing further fluctuations
Following Bitcoin hitting an all-time low in November of 2018, dropping 70% in value to $3,878.66, the leading crypto coin soared to $13,485.85 between the 19th and 27th of June – its highest value in over 15 months. According to CoinMarketCap, this surge saw a record-breaking 45.9 billion BTC being traded on June 26th alone.
Sources have attributed the spike to the ongoing trade war between America and China, although talks are reportedly back on track, after President Trump said he would not impose further tariffs after meeting President Xi Jinping at the G20 summit in Osaka. Clem Chambers, CEO of Online Blockchain plc., had anticipated this spike last year on Twitter, saying:
— Clem Chambers (@ClemChambers) July 30, 2018
Jim Reid, Global Head of Thematic Research and Credit Strategy at Deutsche Bank also stated: “I think it was interesting to see Bitcoin up 180% since April. Some of that is because of the Libra project I think.” As a matter of fact, Bitcoin’s value increased exponentially following Facebook’s announcement of the Libra project on June 18th. According to industry leader, Kevin Werbach – Libra has the potential to “take cryptocurrency mainstream.”
Regardless of the surge experienced by Bitcoin throughout last week, Thursday saw the cryptocurrency drop by 19% in value in a matter of seconds. One of our speakers for the upcoming A.I. & Blockchain Summit, Michael Nye, took to Twitter to comment on the situation, saying: “We might be looking at the most volatile year for Bitcoin yet!” Whilst the decline has led to griping from investors such as Mike Novogratz – analysts have interpreted the fluctuation in value as an indication of a healthy pattern of price behaviour.
Luke Martin took to Twitter to comment on the instability of the coin, saying:
Above 11.4k and the recent $BTC action starts to look like what happened at the beginning of June around 8400.
Previous resistance -> breakout -> breakdown -> reclaim & trend higher
Would like to see the reclaim before I'm convinced. Recent local top is also a little different. pic.twitter.com/sTq6lAUUC4
— Luke Martin (@VentureCoinist) June 28, 2019
Clem Chambers also offered his two cents, telling Express.co.uk: “There’s a strong possibility bitcoin will hit past its all-time-high to around $23,000 as part of the price increase. After a pause, it will wake up and there will be another spike into the mid-twenties.”
Words by Lindsey Muscat.