Bitcoin Stabilizes After 3-Day Nosedive

TSYS Talks Bitcoin Misconception

Three days into what can only be termed a rout, shares of bitcoin have stabilized — if we accept the skewed maxim that one day’s trading makes a trend.

Reuters noted Monday that the digital currency gained at least some traction, after the previous three sessions slammed pricing to its lowest level since 2015. The peak seems far away, at $1,350. It came a week ago as there had been hopes among traders that the currency would be listed as part of an ETF. Conventional wisdom holds that such a listing would boost liquidity and transparency. Yet the bid for listing was denied by the Securities and Exchange Commission, which cited unregulated markets.

Thus the low came on Saturday to $944 per bitcoin. The Winklevoss twins, who had been looking to list those ETF shares, said efforts would continue.

The newswire also said that there have been disputes centering around the “blocks” in which bitcoin trades. That may leave the door open for inroads to be made by ether and other rival currencies. The former currency, ether, has tripled in value over the past month. Some observers have said that trading involved selling bitcoin, while buying ether.

Click to comment