Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
 
 
September 20, Thursday 2018 12:03 PM       

       HEADLINES: Police take pervert home guard into custody                                              Now you need not walk up to police station for GD entry in accident cases                                              Hike in petrol price, diesel stagnant                                              US-China trade war could last for 20 years: Jack Ma                                              Didn't expect Arjuna this year: Hima Das                                              Kaumudi Facebook
       BUSINESS Next Article: GDP expands by 6.3% in Sep quarter  
       Bitcoin loses over a fifth of its value in less than 24 hours
 
         Posted on :10:42:19 Dec 1, 2017
   
A A
       Last edited on:12:49:24 Dec 1, 2017
         Tags: Bitcoin loses over a fifth of its value in le
 

LONDON: Bitcoin slid to as low as $9,000 in volatile trade on Thursday, having lost more than a fifth of its value since hitting an all-time high of $11,395 on Wednesday.

The cryptocurrency fell as much as 8 per cent on Thursday on the Luxembourg-based Bitstamp exchange to hit $9,000 exactly, marking a fall of well over $2,000 in under 24 hours. It then edged back up to trade at around $9,400 in the hour that followed, still down roughly 4 per cent on the day.

One market-watcher attributed the fall to outages in bitcoin exchanges and the heavy price surge of recent times.

"Naturally a few of the early bitcoin traders are taking some profits off the table," said Charles Hayter, founder of CryptoCompare.com.

"Volatility is in the market at the moment and that means both positive and negative moves."

The latest fall has tempered an astronomical rise for the cryptocurrency in recent months – bitcoin was up almost 1,100 per cent year-to-date on Wednesday. As of 1500 GMT on Thursday, it was still up around 880 per cent.

The rise has been fuelled by signs that the digital currency is slowly gaining traction in the mainstream investment world, as well as by increasing awareness.

In the past week, Google searches for "bitcoin" exceeded searches for "Trump" for the first time, data from Google showed, even though U.S. President Donald Trump has been prominently in the news this week.

Several large market exchanges including Nasdaq, CBOE Holdings and CME Group – the world's largest derivatives exchange – have said they are planning to provide futures contracts based on bitcoin.

Some investors have said such a development may prompt them to add the digital currency to their portfolio.

In October, Goldman Sachs chief executive Lloyd Blankfein said he was keeping an open mind on bitcoin following a media that the investment bank was exploring a new trading operation dedicated to cryptocurrencies.

Bitcoin's rapid ascent has prompted warnings from a stream of prominent investors that it had reached bubble territory, while the Bank of England deputy governor on Wednesday said investors should "do their homework" before investing in the digital currency.

New users

New users of bitcoin have skyrocketed in recent weeks, along with the cryptocurrency's own rise.

London-based Blockchain.info, one of the biggest global bitcoin wallet-providers, told Reuters on Wednesday it had added a record number of new users on Tuesday, with more than 100,000 customers signing up, taking the total number to more than 19 million.

The evidence suggests that few of the users are buying bitcoin to use it as a means of exchange, but are speculating to increase their capital.

Bitcoin's fall on Thursday dragged down the prices of other cryptocurrencies in its wake, with Ethereum, bitcoin's biggest rival, falling as much as 19 per cent on the day, according to trade website Coinmarketcap.

For the month, bitcoin is still on track for a more than 40 per cent price increase.

A A
       BUSINESS
Next Article: GDP expands by 6.3% in Sep quarter
 
 
BUSINESS HEADLINES
Avis India announces free doorstep delivery, collection of self-drive cars  
Dena Bank surges 20%; BoB tumbles 14% post merger announcement  
Vijaya Bank, Dena Bank, BoB to merge: Govt  
Mother Dairy won't cut prices despite Patanjali's cheaper cow milk  
Union Bank of India exits Antwerp diamond market  
Naidu discusses bilateral cooperation in trade and defence with Serbian President  
FundzBazar crosses 2 lakh investors milestone  
Ramdev Baba’s Patanjali launches cow milk, french fries and more  
United Bank of India increases MCLR by five basis points  
RBI submitted a list of high profile fraud cases to PMO: Rajan  
Chemists call for strike on Sep28 against online medicine sale  
Rupee sinks to new low of 72.91, drops 22 paise against USD  
Skills and You develops special module 'Curio'  
Google ready to comply with RBI norms for payment services, says official  
FinMin in touch with RBI for market intervention to contain rupee value  
Sensex plunges over 400 pts as rupee breaches 72.50 mark  
Niti Aayog asks auto cos to stick to timeline to achieve full e-mobility  
FastFox registers 3x growth post rollout of revolutionary 'Open House' model  
Jio completes two years, aims to take India to 'top 5' in broadband connectivity  
Gold rises 0.46% on positive global cues  
Rupee pares gains, slips 7 paise against US dollar  
Bajaj Finserv rolls out exciting offers, lowest EMIs on all products  
Gadkari pitches for alternate fuels; says govt not against petrol, diesel  
US dollar ends higher against rupee  
Sensex drops 140 pts as rupee hits new low  
 
Do you think forced salary challenge is acceptable in the current situation?
yes
 
not
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy