Posted on

Easy come, easy go: Bitcoin plunges back under $30,000 after eye-popping New Year rally


The world’s leading digital asset, bitcoin, has suddenly lost as much as 15 percent of its value, dropping to nearly $28,000, while alternative cryptocurrencies grow, catching up with the leader.

Following an unprecedented rally through the New Year holidays, bitcoin plunged to $28,218, dropping 14.68 percent before bouncing back to $30,000, according to data tracked by CoinDesk, a media outlet devoted to cryptocurrencies. Bitcoin was down 8.71 percent at $31,105 at 11:55 GMT.“Bitcoin is having a much-needed reset. After a period of increased leverage and high [perpetual] funding rates across derivatives platforms, a brief consolidation around these levels is required,” Matthew Dibb, co-founder and COO of …

Read More