Published On: Sat, May 27th, 2017

Bitcoin Plummets $600 Following Volatile Thursday Trading

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Bitcoin’s price suffered more losses on Friday following Thursday’s drop and subsequent rebound, plummeting 25% in a single day.
While it appeared that Bitcoin had regained its historic upward momentum following Thursday’s $500 drop, Friday proved even more turbulent as prices dived $600 from $2.5k towards $1.9k. As of Saturday afternoon, Bitcoin’s price appears to have stabilized around $2.1k.

What Goes Up, Must Come Down
Bitcoin’s price drop follows a week of unprecedented growth, in which it climbed from $2000 to an all-time high of $2800. Many claimed that a correction was overdue and that Bitcoin is back on its way towards $3,000.
Others have issued dire warnings of a Bitcoin bubble that may just now be popping. Older investors can still recall the sting of Bitcoin’s infamous 2013 crash (and subsequent destruction of the Mt. Gox exchange), and are wary of repeating the same mistakes. Bitcoin’s price also has a repeatable history of spiking suddenly before crashing to a higher, more stable level.
Friday, Bloody Friday
Traders have historically used Fridays to sell off securities or place shorts, anticipating a price drop come Monday morning due to …

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