Bitcoin is still dropping
Bitcoin is still falling against the dollar on Friday after losing more than a fifth of its value in trade on Thursday.
Bitcoin is down over 7% against to $944.14 at just after 9.30 a.m. GMT (4.30 a.m. ET), according to Markets Insider. That's down from over $1,100 earlier in the week.
Bitcoin surged in the weeks running up to Christmas, battled volatility in the run up to New Year and first few days of 2017, before tanking on Thursday.The exact reasons for the currency's rise and fall are unclear, but some commentators have suggested that the rise was caused by Chinese investors looking to move their money out of China ahead of a rumoured further devaluation of the renminbi. This theory is backed up by moves in the renminbi yesterday which coincided with bitcoin's plunge. The renminbi rallied 2.6% against the dollar, posting its biggest two-day gains ever.
Mati Greenspan, a senior market analyst at trading platform eToro, says in an email on Friday morning: "We can see a huge correlation between the two currencies with the USD/CNH often acting days or even months ahead of Bitcoin."
But he adds: "If we drill down, we can see that the $150 plunge that we saw in bitcoin actually came hours after the PBoC's nuke [data from the People's Bank of China that caused the renminbi to spike]."
Learn more:
- Credit Card Industry and Market
- Mobile Payment Technologies
- Mobile Payments Industry
- Mobile Payment Market, Trends and Adoption
- Credit Card Processing Industry
- List of Credit Card Processing Companies
- List of Credit Card Processing Networks
- List of Payment Gateway Providers
- M-Commerce: Mobile Shopping Trends
- E-Commerce Payment Technologies and Trends
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market