Bitcoin recovers from some of its weekend losses, but questions remain as to just where the bottom of the slump is…
Whilst there’s been some recovery since, the weekend saw another notable tumble for Bitcoin. The leading digital currency fell below the $4000 mark for the first time in 25 months, with now the best part of 80% wiped off its value since it peaked at nearly $20,000 last December.
The fall below $4000 came suddenly on Saturday, and at one stage, the currency was fluctuating around the $3700 mark, and even fell as low as $3570. There’s been a modicum of recovery since, but even so, the Bitcoin price at the end of of Sunday still had a 3 at the start of it (although the price has popped back above $4000 as of very early Monday). A mass of sell-offs helped spark the latest price drop.
What’s concerning is a growing fear that Bitcoin hasn’t yet found its bottom. That confidence has been shattered by a dramatic month that’s seen any stability that had been built up in the cryptocurrency space soundly beaten away.
Particularly heading into a new week – and trading tends to be more volatile over weekdays rather than weekends – there’s a growing fear now that Bitcoin may yet touch $3000, perhaps even lower, before the end of the year. That the natural bottom is still unclear. After all, last week it was looking like $4250 was a floor of sorts for Bitcoin, that appeared to have stabilised after a hostile ten days of price pressure.
With confidence a long way off returning, and miners abandoning Bitcoin due to the falling prices, it looks like the rest of 2018 is going to be testing for it. And, as a consequence, the entirety of the crypto sector.