BitCoin: Oscar Williams-Grut On – Bitcoin Is Back Above $4,000

Posted on by Oscar Williams-GrutTwitter – Email

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Bitcoin is back above $4,000 a coin on Wednesday, as the digital currency pars back losses.

Bitcoin fell below $4,000 late on Tuesday after a sensational rally on Sunday and Monday that saw the cryptocurrency break the $4,000 and $4,500 mark for the first time.

The digital currency was down as much as 4% against the dollar in early trade on Wednesday but is making up ground in mid-morning.

Bitcoin is down 1.8% against the dollar to $4,079.55 at 12.30 p.m. BST (7.30 a.m. ET).

Mati Greenspan, an analyst with trading platform eToro who follows the crypto space closely, says in his morning email:

“This week we saw a massive surge in bitcoin that simply dominated the entire cryptocurrency market. Today, it seems we’re experiencing a bit of a pullback.

“The is quite normal of course. Any asset that can surge 62% in a week and a half should also expect a sizeable retracement after such a run.”

Ari Paul @AriDavidPaul If Bitcoin collapses 50% from current levels, it will still beat every asset class for 2017 returns. 

Elsewhere in the crypto space, Bitcoin Cash, a new digital currency spun off from the Bitcoin network at the start of the month, is down 3.6% against the dollar to $293.00.

Ethereum, the second biggest cryptocurrency by market cap after Bitcoin, is down 0.79% against the dollar to $284.04.

Image from Markets Insider

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