After Chaotic Week, Bitcoin Rallies to $8200

 

 

 

 

 

Bitcoin’s price rallied by about 10 percent during the last 24 hours, and once again surpassed the $8,000 mark to settle on a press-time price of $8,201. That rally came after a chaotic week that saw prices push to around $8.300 before dropping about $1,000 in less than an hour. That drop was reportedly triggered by a large-volume sale on Bitstamp and subsequent panic selling by crypto traders.

That Friday sell-off did little to affect the confidence of analysts, many of whom expected the price to quickly turn around. Analyst Simon Peters from eToro was among those who attributed the price decline to that Bitstamp sale, but predicted that positive market sentiment would counteract what he called a “blip” in Bitcoin’s upward price trajectory:

"Bitcoin’s blip appears to have been caused by a significant sell order placed on the Bitstamp exchange early [Friday] morning, which triggered selling across other exchanges. Whether this order was a deliberate dump or a fat finger error remains to be seen.

 

"Given the positive sentiment in the market over the past few weeks, it’s likely that the price will recover soon. However, this drop is a stark reminder that crypto-assets still operate in a nascent market, which is susceptible to significant price moves by whales."

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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