Trade Hopes Smash Bitcoin as it Falls Under $11,000

June 27, 2019 Share Print 0

A pullback in prices of bitcoin deepened on Thursday, falling over 16% to below $11,000 after jumping to 18-month high of nearly $14,000 earlier this week amid optimism about the widening usage of digital currencies.

The world’s biggest cryptocurrency has surged in value since April and has risen more than 260%, but it remains below its all-time high of nearly $20,000 hit in December 2017.

At 1:43 p.m. EDT (1743 GMT), bitcoin was down 16.13% at $10,836.42 on the Luxembourg-based Bitstamp exchange.

Facebook’s announcement that it would offer its own cryptocurrency Libra has revived interest in digital currencies, analysts said.

Investors seeking an alternative asset to gold and U.S. bonds as a safe haven due to worries about weakening global growth also helped contribute to bitcoin’s rally, they said.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.