Only bitcoin can recover from a 25% decline this quickly
The wild ride continues in the world of crypto, with bitcoin brushing off what would be a devastating 24 hours for any other asset, tumbling 25% in that time, to rebound more than 10% at the time of writing.
I say this because this market moves so rapidly that it’s probably out of date by the time I’ve finished writing this sentence. When it comes to bitcoin, nothing surprises me so predicting whether we’ll end the day back at new highs for the year or in the red is pointless.
What is clear is that the Facebook story has re-energised the space in a remarkable way and reminded us of what we were seeing on a daily basis in late 2017. Suddenly $20,000 isn’t looking too far away but as we learned early last year, $3,000 isn’t either.
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