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Bitcoin Price Recovers yet Ends Week Lower for First Time in 2 Months

June 17, 2017 at 0:06 by Yahia Barakah

The price of Bitcoin recovered on Friday following rapid losses yesterday, yet still posted a weekly decline as investors remained reluctant while they wait for the price of the digital currency to stabilize. Bitcoin reached its highest valuation in history this week before dropping to the lowest level in 3 weeks.

This week’s decline was the first for Bitcoin in more than two months. The drop sparked from increasing concerns about the virtual currency’s massive gains in 2017, which reached more than 200% from $997.75 when the year began to $2,979.7 last Monday. Nearing the psychologically important level of $3,000 prompted analysts to warn of an impending corrective movement that may erase a big chunk of Bitcoin’s surge over recent weeks.

Despite the lack of Bitcoin coverage from Goldman Sachs Group, the financial firm’s chief analyst Sheba Jafari was among analysts who had a bearish outlook for the virtual currency. Jafari warned that a reversal of recent gains appears almost certain and expected the price to stabilize between $2,330 and $1,915.

The volatile ups and downs this week added to the effect of interruption to the services of a number of major Bitcoin exchanges around the world due to a wave of cyber attacks that rendered their trading platforms useless. Traders were unable to buy or sell Bitcoins on the BTC-e exchange on Monday and the Bitfinex exchange on Tuesday as DDoS attacks targeted and paralyzed the servers of both exchanges.

BTC/USD rose to 2,480.0 on the Bitstamp exchange as of 23:45 GMT on Friday from 2,411.1 when trading began today. BTC/USD touched 2,527.7 at 20:05 GMT today, which was the pair’s highest level since June 14. Weekly, BTC/USD reached 2,979.7 on Monday after beginning the week at 2,893.2. The pair then dropped to 2,121.1 on Thursday, its lowest level since May 29.

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