The bitcoin price has crashed back under $10,000 per bitcoin after a roller-coaster few weeks that’s seen it rally almost 50%.
The bitcoin price had a strong start to the year but some fear the rally could be short-lived.
Bitcoin was seen trading as low as $9,740 on the Luxembourg-based Bitstamp exchange before staging a slight recovery, moving some 4% lower over the last 24-hour trading period.
Bitcoin began the year at around $7,000—half its 2019 high—and has recently swung wildly above and below $10,o00.
Other major cryptocurrencies also moved sharply lower, with bitcoin cash and bitcoin SV, both offshoots of the original bitcoin, recording falls of more than 10%.
Ethereum, Ripple’s XRP and litecoin were down between 5% and 10%.
The bitcoin and cryptocurrency bull run over recent months, that’s seen some smaller cryptocurrencies vastly outperform bitcoin itself, is largely being attributed to an upcoming cut to bitcoin supply, due in May.
The sharp fall in the bitcoin price comes after the chief executive of China-based investment advisory group RockTree Capital warned the bitcoin market is being inflated by traders in China and volumes could slump once the crisis is over.
The bitcoin price had been trading above $10,000 per bitcoin for a few days before moving sharply … [+]
Meanwhile, bitcoin and cryptocurrency bulls are out in force, talking up bitcoin’s 2020 prospects.
“Right now bitcoin feels a little frenzied, and we could see it surge up, but I think by the end of the year we certainly take out the old highs,” former hedge fund billionaire-turned bitcoin and crypto investor Michael Novogratz told CNBC yesterday, adding “bitcoin has really developed its own lane as a store of value” compared with other cryptocurrencies.