Or just some investors harvesting the crop? CNN/Business has the report:
Bitcoin prices plummeted overnight to a low of about $43,000.
As of 10:30 am EST Saturday, the cryptocurrency had dropped more than 13% in the previous 24 hours, from $56,294 to $48,309 — a loss of almost $8,000.
That’s a stark contrast from its all-time high of just last month, when Bitcoin reached almost $69,000 on November 9.
It’s a slight rebound from a plunge of more than 17% earlier in the day.
Ether, the second most popular cyrptocurrency, fell almost 10%.
Sure, maybe it’s just part of the roller-coaster that is cryptocurrencies. But I thought this was interesting:
Data from another platform, Coinglass, showed that nearly $1 billion worth of cryptocurrencies had been liquidated over the past 24 hours, with the bulk being on digital exchange Bitfinex.
Bitfinex? Here’s Wikipedia’s entry on Bitfinex:
Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc registered in the British Virgin Islands. Their customers’ money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships.
Research suggests that price manipulation of bitcoin on Bitfinex accounted for about half of the price increase of bitcoin in late 2017.
Someone made their profit goal and is getting out? Could be. This is the sort of thing that keeps me completely out of this sort of market, that and the fact that the purpose of cryptocurrency seems to be, well, separating investors from their money.
