BTC dives under USD $10,000 for first time since December, loses 50% over the past 30 days
Bitcoin is the hottest asset in town, but it's unlike almost any other security we've ever seen. Last month, it seemed like Bitcoin (BTC) was the new investment darling, popping a staggering 240% since October to cap out over USD $19,000 on December 15th. However, we're likely to see just as many people start to rush out of the market as BTC fell back under $10,000 for the first time since December today.
Even intraday trading has been incredibly volatile with gains and losses both hitting around 10%. BTC fell under $10,000 early this morning between 4:40 and 4:50 AM CST (UTC -6) before popping back up, only to fall once again. At the time of this writing, the cryptocurrency bottomed out around $9300 just after 9:00 AM. The current price at the time of publication is around $11,250, which is about a 5% gain over the past 24 hours.
Seasoned Bitcoin miners and investors may be unphased by the 50% dip over the past 30 days, but since hitting and subsequently shooting past $10,000 in December, the blockchain-based currency has attracted a plethora of new buyers. Those new to the crypto scene are likely in shock at the huge fall in value, especially those that have little to no investment experience. So it goes in the Wild West of new investment securities, especially currencies.
At this stage, early miners and buyers, even those that got in the game as late as October of last year, are still sitting on some major gains. While no one can tell if BTC will recover or continue to fall, one thing is certain: this latest downturn continues to show that BTC can turn against expectation at the drop of a hat.