Bitcoin halts decline that wiped US$38bil from market value


New challenger: The appearance of a rival for Bitcoin has ruffled some feathers.

HONG KONG: Bitcoin halted a two-day slump as speculators saw a 29% plunge from its record high as possibly an excessive response to a technology upgrade getting cancelled.

The cryptocurrency was little changed at US$6,593, as evidence emerged that bearish investors started to cover their short positions. The drop earlier was as much as 15% from last Friday, when investors were prompted to switch into rival technologies.

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Business , Bitcoin , market , value , shares , crytocurrency ,

   

Next In Business News

Cautious tone expected for ringgit versus US dollar trading next week
U Mobile to reduce foreign majority shareholdings to 20%
MACC investigating Khazanah, PNB's unsuccessful investment
Another data centre job for Gamuda
SOBA judges, past winners share winning tips
Government and venture capital
Selling pressure amid Mideast and polls anxiety
Low volatility a remedy for the extremes?
Maximising your unit trust returns
Dishing up consumer success

Others Also Read