After its remarkable hike in the first days of January, the cryptocurrency returns to mid-December level. In one day, bitcoin lost 15% of value.
According to the CoinDesk index, on 11 January the price of one bitcoin was fluctuating around $760.
The sudden drop coincided with rumours about possible problems at one of the leading bitcoin exchanges – BTCC. Chinese financial authorities reportedly visited the exchange’s office and had a prolonged conversation with the management. Yet, the company hastened to reassure the customers that there was no reason to worry:
4/ All operations at BTCC are normal and we continue to actively work with regulators to ensure that we remain compliant.— BTCC (@YourBTCC) January 11, 2017
The beginning of 2017 was marked by an unprecedented volatility of bitcoin price: in the first week, it exceeded 28%.
The drastic bitcoin growth began in late December. If two weeks before the New Year, bitcoin traded at $780, by the end of December it climbed up to $968. In the first days of January, the cryptocurrency took the psychological barrier of $1,000. The rate was still rising amid the speculations that it might soon surpass its historical high of $1,138 registered in November 2013. And so it happened on 5 January when bitcoin hit the mark of $1,150.
After that, though, the cryptocurrency began a slow decline. Between 6 and 10 January, it was floating around $900 only to hit the new low today.
Image via Daily Mail