As U.S. markets closed Wednesday 26th June 2019 Bitcoin burst through $14,000.00 touching $14,200.00 – only to dramatically fall by $1,800.00 to $12,200.00 in minutes.
Despite such a dramatic fall Bitcoin is still holding on to substantial gains at a 17 month high. But this incident does, however, demonstrate the potential volatility of trading Bitcoin. A $1,800.00 drop in 2 minutes, ouch!
While Bitcoin’s price moves can be volatile – it is being suggested the current bitcoin bounce is linked to Facebook’s announcement of its own cryptocurrency project. Key technical levels have been broken in recent months.
It is also being suggested Bitcoin may become a ‘digital’ gold and avail itself as a future safe haven amidst increasing global tensions and economic slowdown?
Does physical gold now have another contender or is Bitcoin too speculative and volatile as a safe haven asset?
NOTE: Need to check Coinbase to see if there was anything mentioned about Bitcoin’s sudden fall…
Bitcoin as of Thursday 27th June 2019 at 11:55 (BST) was trading at: $12,040.00