Connect with us

Hi, what are you looking for?


Profit-taking sends bitcoin into a spin

Digital Currency. Cryptocurrency Coin

Bitcoin fell sharply to below $29,000 in volatile trading yesterday as investors took profits from a weekend rally in which it had climbed above $34,000 for the first time.

However, the world’s most popular digital currency went on to rise above $32,000 later in the day, suggesting that the market is not yet heading for a spectacular fall of the sort seen in 2018.

Bitcoin nearly quadrupled in value last year as a new wave of investors bought into the cryptocurrency boom. Some institutional investors have been buying bitcoin and other digital currencies as hedges against volatility in traditional markets, but the vast majority of professionals remain sceptical about its value and stability.

Bitcoin was last valued at $31,728.47, down by 5.5 per cent for the day. It was worth less than $19,000 a month ago. Ether, the world’s second most popular digital currency, yesterday climbed to $1,151, its highest in three years.

As the market for bitcoin investing has grown, so, too, has the availability of derivatives trading in the digital currency, which can exacerbate market moves. Some analysts suggested that bitcoin derivatives were behind yesterday’s volatility.

Sui Chung, of CF Benchmarks, a digital currency index provider, said: “Bitcoin’s implied volatility has hit a ten-month high because options traders assume that the major moves in the price action over the past ten days will continue.”

Bitcoin was worth next to nothing when it was launched in 2009. It reached parity with the US dollar in 2011. In 2017, the price of bitcoin rose by 1,375 per cent, but it halved in January 2018. It began 2020 at about $7,000.

Cryptocurrencies have no physical form and exist only as strings of computer code. There were 18.6 million bitcoins in circulation yesterday worth nearly $600 billion altogether. A handful of big holders known as bitcoin whales are thought to have a significant influence on prices.

Read more:
Profit-taking sends bitcoin into a spin

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



STOCKS climbed on Tuesday, snapping a three-day losing streak, as investors remained bullish on the Philippines’ prospects, even with inflation hitting a 14-year high...


THE PESO strengthened versus the dollar on Tuesday despite profit taking after the release of November inflation data that cemented expectations of another rate...


THE PHILIPPINES has detected one more infection involving the highly contagious Omicron subvariant BQ.1, bringing the total to 17, the Health department said on...


THE GOVERNMENT of President Ferdinand R. Marcos, Jr. should do more to protect the families of victims of extralegal killings and prosecute officials for...


AT LEAST P3 billion in public funds was illegally transferred to the Metro Manila Development Authority (MMDA) to finance its free wifi project without...


AN OPPOSITION senator on Tuesday said the proposal to establish a sovereign wealth fund (SWF) is counterproductive, noting that it goes against the nation’s...

You May Also Like


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.