Cryptocurrency & Blockchain Business
Joji Xavier

Bitcoin Drops By $1000

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The highly volatile and unpredictable nature of Bitcoin was once again on display during trading this week, as it fell down sharply from record heights within a few days.

It was a dream run for Bitcoin in the first half of this week by shooting above $8000 Monday. But in the last two days it lost heavily, by around $1000.

On Wednesday, it reached $8314, the highest in nearly a year.

A massive trade volume also was reported in that period across exchanges, with a record market cap of $144.4 billion.

However, within two days, Bitcoin shed its weight by more than $1000.

And in Asian trading hours Friday BTC suffered the biggest intra-day drop in recent times. It nosedived to the lowest price of the week – $7014 – on Coindesk, losing 11 percent, or $850, within the last 24 hours.

Interestingly, even after the late loss, Bitcoin is doing better on monthly and weekly charts.

The week’s initial surge brings BTC’s weekly gains to more than 10 percent, or $641.

And it is more than 38 percent, or $1992, higher from where it was valued 30 days ago.

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