Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Bitcoin Recovers to $12,000 Following Price Tumble

June 28, 2019 at 12:14 by Matt Jackson

Bitcoin prices have stabilized today, after falling as low as $10,500 yesterday. The digital currency is currently trading at just over $12,000. Most of the top 20 list of cryptocurrency coins have dropped in the past 24 hours, although a number of lower market capitalization coins have been able to make some gains. It seems, after two sharp flash crashes, that many investors are waiting on the sidelines before they trade.

Bitcoin tipped $14,000 on June 26, but quickly saw its price receding. It shed nearly $2,000 in one 20 minute period on June 26 and a further $1,000 on June 27. By late yesterday, the currency was trading just above $11,000 and made some further gains to trade at $12,000 today. Recent action suggests that it could be ready to continue its march northwards, although further correction down is also possible.

Galaxy Digital founder, Mike Novogratz, who is known to be a keen cryptocurrency supporter, has suggested that Bitcoin could stabilize at its current levels, for the time being, and suggested that the stabilization is thanks, in part, to Facebook’s announcement of their Libra currency. However, not everybody believes that Libra is responsible for Bitcoin’s recent surge. In fact, it could further shine a spotlight on concerns that a lot of potential investors have. US lawmakers, who are analyzing the proposed stable coin, have said they are concerned that the currency will be used to fund and terrorism and be used by terrorist groups to store wealth. This was a common concern raised about Bitcoin, and many news outlets still highlight the use of Bitcoin and other cryptos by criminals and hackers.

In other cryptocurrencies, Litecoin will undergo a halving process. The process occurs every four years, and it means that miners of the crypto will see the fee they are paid reduced by half. Commentators have suggested the recent peak and subsequent 25% drop suggest that the event has already been factored into prices. However, two months is a long time in cryptocurrency and prices could still change substantially in this time.

Bitcoin (BTC) prices have risen 1.17% in the past 24 hours, trading once again at $12,078.48 while Ethereum (ETH) prices have slipped 0.9% to $308.20 and Ripple (XRP) now costs $0.415, having fallen 3.09% in the past day. Bitcoin Cash (BCH) prices fell 1.31% to $428.14 and Litecoin (LTC) prices have risen 1.65% to $119.59.

If you have any questions and comments on Bitcoin today, use the form below to reply.

Leave a Reply