Bitcoin plunges and then recovers
You’d have to be a brave soul to be trading Bitcoin right now, at least in the short-term.
The recent price action has been wild — and that’s saying something given the large intraday swings that are usually witnessed in the crytocurrency.
After hitting a fresh record-high of $2,298 in overnight trade, it tumbled more than 10% to a low of $1,983 before rebounding yet again.
It currently fetches $2,190, having added more than 10% from its overnight low.
Investing.com
While the recent short-term movements have been all over the place, the trend this year — apart from a stumble in March — has been significantly higher.
From the low of $891.33 struck on March 25, and even with the recent slump, it is still up a stonking 135%.
Last week, Business Insider reported that recent gains were likely driven by developments in Japan where Bitcoin is now recognised as legal currency.
Speculation that the US Securities & Exchange Commission (SEC) may overturn its decision to ban the creation of a Bitcoin Exchange Traded Fund (ETF) may have also been a factor.
The SEC has stated that it would accept public comments on the subject until May 15, but it’s yet to make a final decision.
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