Bitcoin Starts New Year by Declining, First Time Since 2015

By Matthew Leising

Bitcoin is already having a bad year.

For the first time since 2015, the cryptocurrency began a new year by declining, extending its slide from a record $19,511 reached on Dec. 18.

Advocates of bitcoin believe it could help many Africans move into the formal economy. Photograph: Benoit Tessier/Reuters
Photograph: Benoit Tessier/Reuters

The virtual coin fell to $13,624.56 as of 5 p.m. in New York on Monday, down 4.8 percent from Friday, according to data compiled by Bloomberg. That’s also a drop from the $14,156 it hit Sunday, according to coinmarketcap.com, which tracks daily prices. The cryptocurrency fluctuated in Asian trading on Tuesday, trading 1.9 percent lower as of 3:22 p.m. in Hong Kong.

Wrong Foot

Bitcoin is having an unusually bad first day of the year

Bitcoin got off to a much stronger start last year, and then kept that momentum going, helping to create a global frenzy for cryptocurrencies. It rose 3.6 percent on the first day of 2017 to $998, data from coinmarketcap.com show. It ended the year up more than 1,300 percent.

That rally drew a growing number of competitors and last month brought bitcoin to Wall Street in the form of futures contracts. It reached the Dec. 18 peak hours after CME Group Inc. debuted its derivatives agreements, which some traders said would encourage short position-taking.

 

Source: bloomberg.com

Sign up for Updates

Leave a Reply

Your email address will not be published. Required fields are marked *

Notify me of new posts by email.