Bloomberg calls the bottom to Bitcoin's dive in value

Bloomberg calls the bottom to Bitcoin's dive in value

Published at: 2018-02-12 09:03 | Author: CIJ Journal
In a week of wild swings on numerous fronts, stock markets plunged a total of 5 percent while Bitcoin had market observers worrying out loud whether it was heading for zero. Having fallen below $6,000 from a high of more than $20,000, the world's flagship cryptocurrency recovered over the weekend to just below $10,000. But while jitters still remain over the future course of bonds, signs are emerging for some that Bitcoin could end up turning into a sort of safe haven. No less a business information than Bloomberg seemed to call a bottom to the Bitcoin plunge, pointing out that its value has firmed for nearly a week now in the face of extreme stock market volatility. Its slump was touched off by a spectacular hack of a cryptocurrency exchange resulting in the loss of hundreds of millions of dollars along with increasing pressure of regulation from governments around the world.

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