Everybody’s talking about positive bitcoin value moves this morning.
Within the last 24 hours, Bitcoin shot down to around $30,000 but it’s now back up above $40,000 at press time
“The past 24 hours have been a test like no other for Bitcoin as selling pressure drove it to $30,000, only to evaporate and allow a run to $40,000 — all within around five hours,” writes William Suberg at Cointelegraph. “On Thursday, higher levels remained, with brief spikes hinting at major buy-ins frontrunning a concerted push higher. Versus the local lows, BTC/USD gained an unparalleled 40% in less than 24 hours.”
We don’t see 40% – more like the 14% mentioned in this corresponding coverage. But we do see that Bitcoin recovered its losses, which is excellent news for traders who want to buy-and-hold or others who want to use Bitcoin for an institutional treasury asset.
Just yesterday, we were observing concerns by Bitcoin detractors that the sudden plummeting of Bitcoin prices might have showed that Bitcoin was not a good investment for institutional treasuries or capital reserves.
However, as we pointed out yesterday, volatility is reversible, and those who look over a longer timeframe can find more stability in bitcoin prices. Take out things like Elon Musk’s sudden change of heart on secondary Bitcoin plays that make up a significant part of the market, and you have even more stability for the coin’s core value. That should be more evident now that Bitcoin has regained its local heights.
In other news, other cryptocurrencies also fared well in today’s green rally – Cardano (ADA) has doubled within a month standing at $1.84, and Dogecoin, although off of its highs of $0.68 at around $0.40 at press time, is still far above the five cents it was worth in April. Take those gains to the bank if you bought in well below these levels.