Bitcoin regained some of its allure as a virtual currency favourite by as much as 20 percent from what was its Wednesday low which helped alleviate jitters that the sudden sell off was a momentary spook and not likely to give way to losing more and more value.
Bitcoins raced up the beanstalk to never before heights of $10,787.99 during Asian trading hours on Thursday, 30 November. That 21 percent dip in price experienced the day before, on Wednesday, the 29 November, was triggered by intermittent outages at cryptocurrency exchanges occurring within hours after bitcoin had soared to a record high.
Bitcoin is rather bipolar and swinging back and forth rapidly. Price rises and falls in this, the world’s numero uno best known cryptocurrency have become frequent in the recent past. This bitcoin experienced an 11x gain becoming a topic of interest for small time investors to the high flying Wall Street wolves. The hysteria caused by rising bitcoin prices has called for warnings to anticipate a bubble about to burst, but according to Nobel laureate Joseph Stiglitz, the bitcoin craze is not about settle among traders anytime soon.
Coinbase is one of the largest bitcoin exchanges in the world. It tweeted on Wednesday that its platforms had recorded the highest ever number for traffic with some user experiencing delays in customer support for service interruption from the company’s end.
Following the momentous occasion of bitcoin going past $11,000 in value, a price hike of 2x since September 2017, the currency dipped by around 20 percent in less than 90 minutes.
Bloomberg quoted John Spallanzani, chief macro strategist at GFI Securities LLC in New York: “Bitcoin trading isn’t for the novice investor. […] Corrections are fast and furious and you can get run over just like in the movie.”
The media outlet further quoted in another interview, Nobel Prize-winning economist Joseph Stiglitz: “Bitcoin is successful only because of its potential for circumvention, lack of oversight. So it seems to me it ought to be outlawed.”