Bitcoin's value rises by nearly US$1000 in barely two hours
As Bitcoin’s price headed toward the US$20,000 mark at the end of 2017, there must have been many who wished they had invested in the virtual currency (VC) when it was “only” worth just over US$1,100 at this time last year. But since those heady times, the VC has been bashed and buffeted on its way down to its lowest price of 2018 so far: US$6,474 on April 1. In all fairness, for those who invested in Bitcoin when it was priced around the US$1,000 mark, it is still an extraordinary return of investment at the current price.
Anyone who knows anything about the cryptocurrency market will also know how volatile prices can be for any VC. A few reasons have been offered to explain Bitcoin’s sudden recent surge: April 17 is the deadline for filing tax returns so investors may be selling to cover their taxes, and there is also the chance that traders affected the VC price through a short squeeze (demand exceeding supply). However, there’s also the possibility that the reason is simply down to cryptocurrency’s inherent volatility and that there will be more celebrations and more headaches for investors as prices rise and fall throughout the year.
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