{"id":423620,"date":"2021-11-19T12:11:19","date_gmt":"2021-11-19T10:11:19","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=423620"},"modified":"2021-11-19T12:13:05","modified_gmt":"2021-11-19T10:13:05","slug":"bitcoin-sags","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/423620-bitcoin-sags.html","title":{"rendered":"Bitcoin sags"},"content":{"rendered":"

Bitcoin has lost almost 20% in less than two weeks, proving that extreme volatility remains a hallmark of crypto investing.<\/p>\n

Yet in the world of Bitcoin, it\u2019s largely business as usual with bullish conviction intact \u2014 in contrast to traditional markets where moves on this scale are met with alarm.<\/p>\n

The largest cryptocurrency slipped 0.5% to around $57,280 in early London trading on Friday, a sixth day of declines.<\/p>\n

\u201cBitcoin correction is not a big deal,\u201d wrote Craig Erlam, senior market analyst at Oanda. While a break to $50,000 \u201cwould represent a large correction from the highs, it would still be relatively minor considering how far it\u2019s come in recent months.\u201d<\/p>\n

Some analysts say a sharp pullback is normal after prices skyrocketed 40% in October. China\u2019s crypto crackdown and new U.S. tax-reporting provisions that are being viewed as unfriendly to crypto investors have also soured sentiment.<\/p>\n

\u201cDuring the 2016\/17 Bitcoin winter, the thing that really took the wind out of the sails of crypto was when interest rates rose and liquidity was draining from the system,\u201d said Jamie Cox, a financial adviser and managing partner at Harris Financial Group.<\/p>\n

\"\"<\/a><\/p>\n

Price swings of 20% or more aren\u2019t uncommon among cryptocurrencies. After hitting a record of almost $65,000 in early April, Bitcoin slumped more than 50% by late June before turning higher again. After hitting nearly $53,000 in early September, it retreated about 25% over the next couple of weeks.<\/p>\n

Aficionados of digital assets are used to big swings and often undaunted by pullbacks. They often view Bitcoin as a modern day store of value and inflation hedge, though such arguments are controversial.<\/p>\n

\u201cWhen we see a big move, we take a step back and say, has anything fundamentally changed? Has there been a material event or development, or is it driven by flows and transitory sentiment?\u201d said Hunter Horsley, chief executive of Bitwise.<\/p>\n

\u201cThis move looks like the latter,\u201d Horsley added. \u201cWhen we look at the fundamental thesis and drivers of the space, they continue to look incredibly optimistic.\u201d<\/p>\n

\n

Now read:\u00a0Bitcoin delivered 99.996% deflation<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has lost almost 20% in less than two weeks, proving that extreme volatility remains a hallmark of crypto investing.\u00a0<\/p>\n","protected":false},"author":341034,"featured_media":409788,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[187,74418,74412,74420,74416,74414,7597],"class_list":["post-423620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-bitwise","tag-craig-erlam","tag-harris-financial-group","tag-hunter-horsley","tag-jamie-cox","tag-oanda"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/423620"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=423620"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/423620\/revisions"}],"predecessor-version":[{"id":423628,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/423620\/revisions\/423628"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/409788"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=423620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=423620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=423620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}