HONG KONG/ TOKYO (Reuters) – Bitcoin hiccoughed in Asian buying and selling on Thursday to at one level stand greater than 6% down on the day after failing to make document highs.
Bitcoin, the world’s largest and best-known crypto-currency, was final buying and selling round $17,700, having misplaced greater than $1,000 since its earlier shut.
“With very high volumes on spot but also on leveraged markets, it’s not surprising that after failing to hit the all-time highs, there would be this sort of rapid correction,” mentioned Justin d’Anethan gross sales supervisor at digital asset firm Diginex.
“While a quick visit in the upper or mid-16,000s is possible, we’re still trending up and with plenty of upside potential,” he added
This yr, bitcoin has risen 358.6% from the yr’s low of $3,850 on March 13, however has not but breached the $19,666 hit in December 2017.
Analysts say that this newest rally differs from 2017’s as there are proportionally fewer retail buyers and extra establishments corresponding to hedge funds and household places of work buying and selling cryptocurrencies.
Reporting by Alun John in Hong Kong and the Tokyo Markets crew; Modifying by Clarence Fernandez & Simon Cameron-Moore
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