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Volatile Day For Bitcoin As It Surges To $3,000 Then Retreats

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Volatile Day For Bitcoin As It Surges To $3,000 Then Retreats

Postby sunnyd » Mon Jun 12, 2017 5:43 pm

Story :

The question of how high bitcoin can fly looms large after the digital currency shot past $3,000 a bitcoin for the first time ever.

But Monday served as a reminder that volatility may be the rule, not the exception, as bulls and bears lock horns about the prospects for the rapidly ascending cryptocurrency.

Bitcoin, -1.25% reached $3,018.66 before abruptly pulling back to around $2,808.35, according to CoinDesk. Bitcoin had surpassed that level for the first time on Sunday, though it only held that level for a while.

Coindesk noted prices fell $300 within minutes on Monday, from $2,980 to a daily low of $2,650, just hours after that $3,000 level was reached. BTC VIX, organizer of the bitcoin trading forum Whale Club, told CoinDesk that prices hitting a higher high on less volume and “waning momentum,” adding that it could be a sign of weaker prices ahead.

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