{"id":576734,"date":"2024-12-20T07:33:43","date_gmt":"2024-12-20T05:33:43","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=576734"},"modified":"2024-12-20T09:54:22","modified_gmt":"2024-12-20T07:54:22","slug":"bitcoin-slides","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/576734-bitcoin-slides.html","title":{"rendered":"Bitcoin slides"},"content":{"rendered":"\n

A Bitcoin slide from a record high earlier this week extended to more than 10% at one point, as reduced scope for looser US monetary policy crimped speculative zeal.<\/p>\n\n\n\n

The price of the original cryptocurrency dropped as low as $95,564 (R1.76 million) on Thursday, two days after setting an all-time peak just above $108,000 (R1.99 million).<\/p>\n\n\n\n

The downturn weighed heavier on smaller tokens like Ether and Dogecoin.<\/p>\n\n\n\n

It\u2019s \u201cpretty typical\u201d to see such corrections in crypto bull markets, said Strahinja Savic, head of data and analytics at FRNT Financial.<\/p>\n\n\n\n

The Federal Reserve\u2019s hawkish pivot on Wednesday weighed on most risk assets. <\/p>\n\n\n\n

Bitcoin is still up almost 50% since pro-crypto Donald Trump\u2019s victory in the US presidential election on 5 November.\u00a0<\/p>\n\n\n\n

\u201cIt looks like some year-end profit taking,\u201d said Edward Chin<\/a> of Parataxis. \u201cThere wasn\u2019t anything fundamental that triggered the selloff.\u201d<\/p>\n\n\n\n

With fewer Fed rate cuts now expected for 2025, some investors may be choosing to reduce their exposure and take profits.<\/p>\n\n\n\n

\u201cTechnically, caution is warranted in the short term,\u201d Chris Weston, head of research at Pepperstone Group, wrote in a note. <\/p>\n\n\n\n

\u201cThis doesn\u2019t mean we\u2019re due to see a collapse in price anytime soon, but the momentum has clearly come out of the move and the buyers have lost dominance and control of the tape.\u201d<\/p>\n\n\n\n

Bitcoin changed hands at $97,343 as of 5:04 a.m. on Friday in London. It has more than doubled this year, helped by a flood of inflows into US exchange-traded funds for the token.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The price of the original cryptocurrency dropped as low as $95,564 (R1.76 million) on Thursday, two days after setting an all-time peak just above $108,000 (R1.99 million).<\/p>\n","protected":false},"author":341034,"featured_media":530719,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[187,61488,98297,23911],"class_list":["post-576734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-bitcoin-price","tag-frnt-financial","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/576734"}],"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=576734"}],"version-history":[{"count":3,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/576734\/revisions"}],"predecessor-version":[{"id":576762,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/576734\/revisions\/576762"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/530719"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=576734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=576734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=576734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}