07.59am – Bad Christmas for Bitcoin
Bitcoin’s Christmas woes are continuing with the price dropping to $13412 (£9919) below the symbolic £10k mark for the first time since mid-Decemeber.
The price marks a significant drop at the end of the month after hitting highs of over $19,600 in December.
However, the price of Bitcoin on Jan 2 last year was just $880 a coin (£650) so the year on year rise remains staggering.
According to trading strategist Todd Horwitz, bitcoin will establish itself as a “great alternative currency” but will have to go through these “dramatic falls” in value.
Mr Horwitz said the cryptocurrency will undergo further “dramatic” falls and rises as it establishes itself in the wider financial market.
He said: “I think when you look at bitcoin it’s obvious it’s new, it’s under a lot of ‘fear of missing out’ trade – there’s a lot of people trying to figure out how to trade it right now.
“I would think that the bitcoin price is a bit of a bubble and I think you will see some more dramatic falls. But anytime we see dramatic falls you also see dramatic rises as the buyers try to get back in.”
This article was curated from Google News. You can read the original article here.