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Cryptocurrencies: Another Reversal of Fortunes
by Howard Haykin
The Bitcoin market is down over 9% on Thursday morning (as of 11:30 a.m. ET), with 4% of that decline coming in just the past 60 minutes. The markets for most of the other major cryptocurrencies are doing worse, with double-digit losses over the same 12-hour period.
Bitcoin, which was trading at $4,063 around midnight, promptly and precipitously fell to its current level of $3,668.
What's the reason? It's anyone's guess, as analysts could not cite a specific catalyst for the morning’s price drop. However, eToro analyst notes that “it seems to be an exact reversal of the surge that happened on Sunday afternoon.”
[For further details and commentary, click on CNBC.com.]
