Bitcoin Slows Down on Price Increase

bitcoin price highs

Bitcoin continued its wild trading pattern as of recent after the currency managed to go upwards of $11,000 before dropping under $10,000. The CEO of Goldman Sachs, Lloyd Blankfein stated that the currency still does not meet traditional standards for what money at a federal level should look like. A top official at the Federal Reserve also stated that Bitcoin is in fact a “niche product.”

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The digital currency has historically been extremely prone to price swelling from speculation, and managed to drop down as much as 2.8% during the afternoon on Thursday, November 30th. The next largest cryptocurrency by market capitalization, Ethereum, also dropped by around 2.4% to as low as $427.51. Both currencies have slowed down on their recent meteoric growth. Bitcoin was hovering around $8,000 at the beginning of last week, during the second week of November, where it then shot up by an incredible amount in a short period of time.

The latest price swings come from the recent uptick in those getting involved int he currency due to a high amount of media attention. Blankfein stated on Thursday that it is still too soon for his bank to develop any strategy relating to bitcoin, and that he was questionable on even referring to it as a currency. Blankfein stated that “something that moves up and down 20% in a day doesn’t feel like a currency, doesn’t feel like a store of value.

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The chief of Goldman’s commodity section stated that they should be treating bitcoin as if it is in fact a commodity. Another critic of bitcoin as of recent was the Federal Reserve Vice Chairman for Supervision Randal Quarles. He stated that “digital currencies are a niche product that sometimes garners large headlines.” The hopes are high that bitcoin can beat out these negative critics and continue its incredible rise.


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