Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
 
 
August 18, Saturday 2018 6:55 AM       

       HEADLINES: Rescue operations intensified, more to be shifted to relief camps                                              Red alert declared in 13 districts except Kasargod, chances of heavy rains                                              Modi to visit state to take stock of flood situation                                              250 boats, 23 helicopters added for rescue operations; situation under control: CM                                              Stranded people will be rescued by today itself, 164 dead: CM                                              SC directs reducing water level at Mullaperiyar dam by three feet                                              Godavari river in spate in AP/Telangana                                              'Bharat Ratna' Atal Bihari Vajpayee cremated with state honour                                              US newsrooms to Trump: We're not enemies of the people                                              Imran Khan elected as Pakistan's new prime minister                                              I'm not out there to prove anything, asserts Sushil                                              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
Sensex surges 284 pts, Nifty hits new high  
Gold eases, silver recovers on subdued demand  
Comfortable forex reserves to deal with undue Re volatility: Jaitley  
Positive growth in steel sector, trend to continue: Tata Steel  
Global Indian Solutions to address $900B NRI assets market in India  
DLF to offer only completed flats; to remove delivery uncertainty  
Adani walks away with gas rights for 21 cities; BPCL bags 11 cities  
India Cements Q1 net profits slips to Rs 21.03 cr  
Microsoft boss Nadella rakes in USD 35 million in share sale  
Odisha likely to put up 18 mines for auction this year: Mukim  
Erdogan says Turkey 'won't lose economic war' after lira crash  
Odisha likely to put up 18 mines for auction this year: Mukim  
US dollar ends sharply higher against rupee  
"Ligne Roset" is all set to cover North Indian market through India's premium furniture brand IOTA  
JP Morgan-CIIE to set up Financial Inclusion Lab  
Adani Power net loss widens to Rs 825 cr in Apr-Jun qtr  
Ola to launch its UK operations with ride-sharing offerings in South Wales, Greater Manchester  
Indra Nooyi to step down as PepsiCo CEO  
Paper Industry aims to rectify misconceptions about paper usage  
Sensex hits record high, Nifty breaches 11,400 mark  
GST slabs may reduce to 3 in long-term: Sanjeev Sanyal  
Lankan govenment reworking MoU on airport deal with India  
Indian carriers need $50 bn to buy planes over 10 yrs: Report  
GST slabs may reduce to three in long-term: Sanjeev Sanyal  
Goibibo now enables users to login via WhatsApp  
 
Do you think Indian Army should take up rescue operation independently?
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