Bitcoin price fell 23% into Friday as a broad shakedown of markets saw every cryptoasset in the top 100 sustain major losses.
Stop Me If You’ve Heard This One Before…
Repeating what has become a familiar cycle for holders this year, BTC shaved $6000 off its USD value to trade at an average $13,240 across major exchanges.
In the top 10 assets by market cap, Bitcoin Cash fared worse, its 34% crash the largest of the Bitcoin forks.
As is common during major Bitcoin corrections, altcoins – including Ripple – broadly copied loss-making behavior, falling 25-40% over the 24 hours to press time Friday. A previous growth spurt over this week had taken many to never-before-seen highs.
Commenting on the price action, the cryptocurrency industry reacted with a mixture of relief and apprehension, the lack of ‘safe haven’ assets making considerable losses all but unavoidable.
Finance editor and cryptocurrency commentator Holger Zschaepitz noted this week would be the “first stress test” for CBOE and CME Group’s Bitcoin futures trading, which launched December 10 and 18 respectively to booming markets.
First stress test for #Bitcoin Future as underlying drops like a stone! pic.twitter.com/vfydaJi4AW
— Holger Zschaepitz (@Schuldensuehner) December 22, 2017
Bitcoin Price ‘Healthy Dip’ Continues
In a predictable move, mainstream media titles across the world called time on Bitcoin’s greatest peak so far, sounding the alarm of a bubble popping and further losses to come.
“At the heart of the matter was a frenzied demand for coins with limited supply has now led to unsophisticated investors holding the bag at the top,” Stephen Innes, head of trading for Asia Pacific at Oanda Corp meanwhile told Bloomberg in more nuanced observations.
September and May were both synonymous with major downturns for Bitcoin holders in 2017, a feeling many will still be accustomed to as this is actually the fifth 30% correction this year.
Altcoins boom and bust cycles accompanied both episodes, cryptocurrency assets nonetheless still worth vastly more than they were at the start of the year. As an example, Bitcoin traded at around $980 January 1, 2017, or 8% of its current value.
What do you think about Bitcoin’s current price movements? Let us know in the comments below!
Images courtesy of Shutterstock, Twitter, Maudlin Economics
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