Connect with us

Hi, what are you looking for?

Stocks

Bitcoin Rebounds After Wednesday Slip

In one day, Bitcoin recovered the $10k it shed previously.

On Wednesday, a spot of panic brewed in the cryptocurrency investing scene as Bitcoin, the stable frontrunner of cryptocurrency, suddenly shed over $10,000 in valuation, dropping from its $44,000 valuation to a three-month low of $30,201. It’s not known precisely what caused this sudden drop-off, though some have theorized Tesla CEO Elon Musk’s recent comments about the negative effects of Bitcoin on the environment may have affected investor confidence. China’s recent decision to disallow the use of crypto in commerce also likely put a damper on the mood. Whatever the reason, a panic selloff seemed likely.

However, as of today, Bitcoin has almost entirely rebounded, jumping back up to around $40,000, leaving investors still holding somewhat confused, yet optimistic, while those who sold off in the panic are left with nothing.

“You can’t keep a good dip buyer down for long in the financial markets these days, and cryptos are no different,” Jeffrey Halley, a senior market analyst at Oanda, told Bloomberg. “The mass liquidation yesterday will have thinned out the ranks of believers.”

According to Halley, “$30,000.00 is the line in the sand now, and another capitulation wave will follow if it breaks.” He added that if Bitcoin’s value can get firmly above $40,000 and hold its ground, investors should start returning to the scene, confidence restored.

“This market presents opportunities for people now, but I think you will see people wait and let it settle,” said Todd Morakis, co-founder of digital-finance product and service provider JST Capital.

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...

News

Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...

News

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...