Popular cryptocurrency Bitcoin was trading at $10,691.44 on CoinDesk today at the time of reporting. The highest it reached today was $10.733.29. The cryptocurrency market gained more than $900 or nearly 10 percent on Coinbase in over 24 hours. Even other cryptocurrencies namely Ethereum was up 4 percent near $863 on Coinbase. Today Circle, a cross border currency exchange firm announced acquisition of leading cryptocurrency trading platform named Poloniex. Meanwhile, Craig Wright who in 2016 claimed that he is the creator of digital currency Bitcoin under the pseudonym Santoshi Nakamoto is accused of swindling over $5 billion of cryptocurrency from the estate of computer-security expert, Bloomberg reported.
Bitcoin closed under $10,000 on 22 February. It closed at $9,304.68 , a 11-day low yesterday as per CoinDesk’s Bitcoin Price Index (BPI). From the high of $11,768.58 that it reached on February 20, the virtual currency is down nearly 20 percent. As per CoinMarketCap, the trading volumes of the cryptocurrencies have also dropped 42 percent from the highs it saw on February 20. Therefore, the plunge from $11,767.58 to $9,400 seems to lack any fundamentals and a limited corrective rally could soon be in the offing.
Bitcoin doesn’t hold any fundamental value and is not an attractive bet, Ethereum co-founder Vitalik Buterin said. In the volatile scenario of today, investors are better off maintaining a distance from the digital currency as their investments can get ruined in an instant, he further said. It’s advisable to invest in traditional financial assets in such a scenario, Ethereum co-founder added.
Bitcoin along with other cryptocurrencies had been the flavor of season last year. The virtual cryptocurrency reached $20,000-mark last year. However, as this year began, Bitcoin lost its worth substantially.