Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Quotes
All Instrument Types
  • All Instrument Types
  • Indices
  • Equities
  • ETFs
  • Funds
  • Commodities
  • Currencies
  • Crypto
  • Bonds
  • Certificates

Please try another search

Search website for: 
Popular News
More
Popular Analysis
More
More
/Free Sign Up
 Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bitcoin sinks abruptly after seven weeks of recovery

CryptocurrencyMay 17, 2019 05:37AM ET
6
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration

TOKYO (Reuters) - The price of bitcoin abruptly sank more than 20% on Friday, a move that didn't appear to have a particular trigger and came after a strong recovery in the crypto-currency since early April that took it to 10-month highs.

Bitcoin fell to as low as $6,178 at Bitstamp exchange, down 21.6% from the previous close and last stood down 8.2% at $7,236.

"The sudden fall does not appear to have been driven by any particular news item," said Ryan Rabaglia, head of trading at digital asset brokerage OSL.

"Rather it looks to be driven by large sell orders by a handful of people or even just one person, who are likely realizing profits after the recent price rise or looking to acquire more at lower prices," Rabaglia said.

After many lackluster months, the price of bitcoin started to rally from early April, hitting a 10-month high earlier this week.

While there is no clear consensus on what drove the rally, some analyst have noted rising tensions between Washington and Beijing may have helped to boost demand for bitcoin and other digital currencies that are not backed by a government.

Bitcoin sinks abruptly after seven weeks of recovery
6
 
Comments (6)
6

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

I Agree
Write your thoughts here
 
Are you sure you want to delete this chart?
Delete Cancel
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
Replace Cancel
1000
Comment Guidelines
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (6)
Mickey Mau
Mickey Mau May 17, 2019 8:49AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
I think that Bitcoin (and all others cryptos as well) is an extremely volatile instrument ( note. (cont.)
Reply
0 1
Report
Mickey Mau
Mickey Mau May 17, 2019 8:45AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
that I choose to call it "instrument" rather than "asset") and it's precisely that volatility which, by definition, has caused, currently causes and will, indeed, continue to cause huge movements in any direction. These price swings have happened ( many times ) in a very short period of time, namely hours (or even minutes!). And no breaking news or special trigger is necessary for it to occur. Why not? It's simple.....Bitcoin is a tool that was created for speculative purposes above anything else. It's not backed by any government or financial institution so if things turn sour they'll effectively be worthless and there's no one who can reimburse you for your investment, no one responsible to be blamed for its demise and no insurance policy to mitigate the losses. I have no idea in what world live those people who believe it's actually a true currency. (cont.)
Reply
0 1
Report
Mickey Mau
Mickey Mau May 17, 2019 8:41AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
(cont.). It's not backed by any government or financial institution so if things turn sour they'll effectively be worthless and there's no one who can reimburse you for your investment, no one responsible to be blamed for its demise and no insurance policy to mitigate the losses. I have no idea in what world live those people who believe it's actually a true currency. Try buying everyday items like a cup of coffee, a soda or a bus ticket with Bitcoin...In the largest cities you may find a spot or too provided you're willing to drive an extra five or ten miles to find someone who'll take crypto-currencies. But in the outback someone may think you're a conman and shoot you on the spot!. (cont.)
Reply
0 1
Report
Mickey Mau
Mickey Mau May 17, 2019 8:40AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
It's not backed by any government or financial institution so if things turn sour they'll effectively be worthless and there's no one who can reimburse you for your investment, no one responsible to be blamed for its demise and no insurance policy to mitigate the losses. I have no idea in what world live those people who believe it's actually a true currency. Try buying everyday items like a cup of coffee, a soda or a bus ticket with Bitcoin...In the largest cities you may find a spot or too provided you're willing to drive an extra five or ten miles to find someone who'll take crypto-currencies. But in the outback someone may think you're a conman and shoot you on the spot! . (cont.)  . (cont.)
Reply
0 0
Report
Mickey Mau
Mickey Mau May 17, 2019 8:38AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
(cont.) The last food item for thought is the following. A year ago I wondered who could Bitcoin substitute all fiat money given that it's a limited amount of money by design and around 80% of it has already been issued. It could never be enough to pay for all trade. Now it's crystal clear that problem has been solved. Today, as of Friday May 17th, 2019 there are 1,658 trading cryptos in the market. Thousands more can be created (many are already in the process) and probably will. Now, let me ask you something....if you owned a coffee shop how many and which cryptos would you choose to accept as payment? I'm assuming operating in, perhaps, 3,000 or more different currencies could be a problem for mom and pop stores. And, what the ***..it'd be a problem for Walmart too!  And, as a customer, how many different currencies must you own to be able to pay everywhere?
Reply
0 0
Report
Stephen Fa
Stephen Fa May 17, 2019 7:57AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
I'm buying the dip when into $6000s
Reply
0 0
Report
 
Are you sure you want to delete this chart?
Delete Cancel
 
Post
 
Replace the attached chart with a new chart ?
Replace Cancel
1000
Comment Guidelines
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Cancel Attach
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Confirm Block Cancel
Ok
Report this comment

I feel that this comment is:

Submit
Comment flagged

Thank You!

Your report has been sent to our moderators for review
Close
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email