500 billion market that’s frequently called a bubble. Bitcoin finds floor after worst selloff bitcoin conferences 2015 2015.
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. What are you searching for? The double-digit bounceback was strongest with second-tier digital coins. Bitcoin cash soared 21 percent and litecoin gained 12 percent as cryptocurrency traders regained optimism.
Marc Ostwald, global strategist at London-based ADM Investor Services International, said by phone from Warsaw. It’s a volatile market, and investors are hungry for that. They say everything else is boring. The broad recovery on Saturday coincided with a pause in bearish news that had snowballed since Monday and shaved 24 percent off bitcoin’s value, its biggest four-day selloff since 2015. Ostwald said about the selloff.
Still, I wouldn’t want to put it down too much to rationality, because this is not a rational market. While bitcoin wasn’t the most volatile crypocurrency in the past week, it’s the largest, and it shook the world of digital-coin trading on Friday when its interday plunge reached 30 percent. That was the steepest dive since Jan. New York time on Saturday, compared with 24 hours earlier, according to data on coinmarketcap. In a late-week comment that undercut confidence, Michael Novogratz, the former Goldman Sachs Group Inc. Fortress Investment Group LLC macro trader, said he’s shelving plans to start a cryptocurrency hedge fund. 40,000 within a few months.
For a look at whether Goldman is building a cryptocurrency trading desk, click here. Growing pains in the digital-coin world and warnings emerged all week, adding to volatility. Coinbase, one of the larger trading platforms, on Friday said all buys and sells were temporarily unavailable before they were re-enabled, according to its website. In South Korea, Yapian, the owner of bitcoin exchange Youbit, said Tuesday it would close and enter bankruptcy proceedings after a cyberattack that claimed 17 percent of its total assets. There’s been a string of warnings by regulators for investors in digital coins.