The world’s biggest cryptocurrency may have found a new trading range after being battered yesterday following an apparent Chinese clampdown on cryptos, partly reversing losses of around 30% seen when investors dumped their coins on Wednesday.
Fast Facts:
- Bitcoin sunk to a low of just above US$30,000 just after 9 a.m. in New York, but was trading at US$38,612 as of 11.25 a.m. on Thursday in Hong Kong.
- Ether, Bitcoin’s nearest rival in the crypto space, lost as much as 40% of its value on Wednesday, falling to just above US$2,000 before recovering to trade at US$2,466 as of 11.25 a.m. in Hong Kong on Thursday.
- Frenzied selling on Wednesday caused outages on major crypto exchanges, including Coinbase and Binance.
- Bitcoin has seen huge movements in its price recently as Tesla founder Elon Musk has blown hot and cold about the cryptocurrency in a series of tweets. Musk yesterday appeared to come to the cryptocurrency’s rescue with comments indicating that he would continue to hold it.