TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentral TechCentral
    NEWSLETTER
    • News

      It’s official: stage-6 load shedding is here

      28 June 2022

      E.tv in stunning victory over minister in digital TV fight

      28 June 2022

      Stage-6 load shedding highly likely later today

      28 June 2022

      Prosus sale plan sends Chinese tech stocks tumbling

      28 June 2022

      Takealot is ready for the Amazon onslaught: Bob van Dijk

      27 June 2022
    • World

      Ether holds its breath for the Merge

      28 June 2022

      Google Cloud customers will learn their Gmail carbon footprint

      28 June 2022

      The lights are going out for crypto’s laser-eyed grifters

      28 June 2022

      Crypto retakes $1-trillion

      27 June 2022

      Tencent slides on Prosus sale plan

      27 June 2022
    • In-depth

      The great crypto crash: the fallout, and what happens next

      22 June 2022

      Goodbye, Internet Explorer – you really won’t be missed

      19 June 2022

      Oracle’s database dominance threatened by rise of cloud-first rivals

      13 June 2022

      Everything Apple announced at WWDC – in less than 500 words

      7 June 2022

      Sheryl Sandberg’s ad empire leaves a complicated legacy

      2 June 2022
    • Podcasts

      How your organisation can triage its information security risk

      22 June 2022

      Everything PC S01E06 – ‘Apple Silicon’

      15 June 2022

      The youth might just save us

      15 June 2022

      Everything PC S01E05 – ‘Nvidia: The Green Goblin’

      8 June 2022

      Everything PC S01E04 – ‘The story of Intel – part 2’

      1 June 2022
    • Opinion

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022

      A proposed solution to crypto’s stablecoin problem

      19 May 2022

      From spectrum to roads, why fixing SA’s problems is an uphill battle

      19 April 2022

      How AI is being deployed in the fight against cybercriminals

      8 April 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»Sections»Cryptocurrencies»Bitcoin erases most of last week’s monster gains

    Bitcoin erases most of last week’s monster gains

    Cryptocurrencies By Agency Staff2 July 2019
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    Bitcoin slumped back to the US$10 000 level, extending a sell-off that’s erasing most of its monster gain from last week.

    The largest digital asset dropped much as 7.8% on Tuesday and was trading at $10 083 as of 10.18am in New York. Other cryptocurrencies also declined, with bitcoin cash and litecoin losing about 3%.

    Bitcoin is leading a reversal of cryptocurrencies after a volatile week that saw its price leap 23% after oscillating widely between gains and losses, at one point plunging more than $1 800 in a matter of minutes. It’s still up more than 170% since the start of a year that’s seeing wider acceptance of digital coins from corporate giants, including Facebook, which unveiled plans for its own token.

    As soon as it goes down, people find opportunities to buy it at what they consider to be ‘on the cheap’

    The drop follows comments from notable crypto sceptic Nouriel Roubini, the head of Roubini Macro Associates, sometimes known as “Dr Doom”, who said at a blockchain summit in Taipei that there is “massive, massive amounts of price manipulation” in the crypto space.

    But not all are as gloomy about bitcoin’s outlook. Cedric Jeanson, chief executive and founder of crypto asset management and advisory firm BitSpread, sees the volatility as an opportunity. He anticipates bitcoin will surpass its previous record of more than $19 000 reached in 2017.

    “The real trend is buy and hold,” Jeanson said. “As soon as it goes down, people find opportunities to buy it at what they consider to be ‘on the cheap’.”  — Reported by Vildana Hajric and Gregor Stuart Hunter, (c) 2019 Bloomberg LP

    Bitcoin
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleWorld Bank appears to be unfazed by Eskom woes
    Next Article EOH offloads CCS stake for R444-million

    Related Posts

    How your business can help hybrid workers effectively

    28 June 2022

    It’s official: stage-6 load shedding is here

    28 June 2022

    Ether holds its breath for the Merge

    28 June 2022
    Add A Comment

    Comments are closed.

    Promoted

    How your business can help hybrid workers effectively

    28 June 2022

    Hands off our satellite spectrum!

    27 June 2022

    Watch | Telviva One: adapting to the requirements of business

    24 June 2022
    Opinion

    Has South Africa’s advertising industry lost its way?

    21 June 2022

    Rob Lith: What Icasa’s spectrum auction means for SA companies

    13 June 2022

    A proposed solution to crypto’s stablecoin problem

    19 May 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.