Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
 
 
June 25, Monday 2018 9:41 AM       

       HEADLINES: B Sujatha Devi Passes Away                                              Fish preserved in formalin seized                                              Son brutally beats mother                                              Bid to sabotage probe against ADGP’s daughter                                              V K Rajagopal’s Sabarimala appointment cancelled                                              Violence cannot solve any problem: Modi                                              Major held for colleague's wife's murder                                              PDP never 'wavered' on agenda of alliance, says Mehbooba                                              UAE says ready to back efforts for peaceful Yemen rebel pullout                                              Musharraf says he has not quit politics                                              Constant bullying of activists unacceptable: HRCP                                              Kohli & Co. depart for Ireland, England tour                                              FIFA WC: Lukaku, Hazard braces help Belgium stun Tunisia 5-2                                              FIFA WC: Vela, Hernandez help Mexico win against S Korea 2-1                                              Amit wins gold at World Para Athletics Grand Prix                                              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
WhatsApp updates privacy policy, terms of use ahead of payments service launch  
Infosys stable and on verge of something momentous: Nilekani  
Gold, silver prices fall on weak global cues  
FICCI awarded at X International IT Forum, Russia  
Lenovo India names Pankaj Harjai as Director-Tablets  
Adani Transmission acquires 100% equity in Ghatampur SPV  
Air India set to have 'Maharaja' class seats on international flights  
Sensex gets a buying lift, up 123 pts; RIL at new high  
Aviation Ministry committed to strategic disinvestment of Air India  
Exempted sectors should come under GST: Arvind Subramanian  
Bajaj Finserv offers pre-approved personal loan to customers  
US dollar ends cheaper against rupee  
Pradeep Parameswaran appointed Uber President- India, South Asia  
Google announces training programme for journalists  
Sensex tanks 261 pts as US-China trade spat escalates  
US dollar ends higher against rupee  
WhatsApp Payments to be rolled out soon: here is how it's different from competition  
Ayushman Bharat: Only half the states ready to launch scheme on August 15; UP Bihar & West Bengal not prepared yet  
Audi boss arrested over diesel scandal  
India, US officials to meet soon to discuss concerns of both sides: Prabhu  
Rupee dives to 3-week low at 68.01 on macro-liquidity shocks  
Gold rises on mild demand, silver surges for 8th session  
AFT directs govt to remove anomaly in HRA  
Grand Finale of Smart India Hackathon from June 18-22  
GST refund drive extended till June 16  
 
Should Yoga be made compulsory in all schools?
Yes
 
No
 
No opinion
 
 
 
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