Bitcoin Increases in Price After Massive Drop

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    The world’s largest cryptocurrency by market capitalization managed to pullback in price after a dip that scared many investors. The currency fell below $15,000, showing a $9,000 decrease from the top price of the currency. As bitcoin dropped, other currencies managed to capitalize on this, with ripple rising as much as 8%, and other alt coins falling down in price such as ethereum and litecoin. This data is according to Bloomberg.


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    Wednesday, December 27th marks a quiet day for the currency, which saw itself going below $11,000 on Friday, prior to Christmas. The coin managed to reach as high as $20,000 only days before this slump, helping to show the massive amount of volatility that is characteristic of cryptocurrency. Investors decided to move their money out of cryptocurrency as a result of this slump, moving into traditional stocks to avoid investing directly into the cryptocurrency market. This move may have end up costing them money, as the low prices of cryptocurrency quickly bounced back, to show how resilient the coin is to falling prices.


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    The newest futures index on the currency bitcoin, managed to slip by 3.6%, which is a positive for those with futures contracts, but a negative for any other investors. Edward Stringham, president of the American Institute for Economic Research stated that “nobody knows the ultimate value of this underlying asset. We cannot predict whether it’s going to be zero or $1 million or anything in between.” He further stated that “it’s much more likely once you’ve made a big downward movement like the one we made last week that you have a bigger and more complex correction. Once a market like this one locks into those patterns it becomes pretty good.” The hopes are high that bitcoin can come back from this recent correction.

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