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Bitcoin Tumbles as Cryptocurrency's 2019 Surge Starts t...

Newsdeck

Newsdeck

Bitcoin Tumbles as Cryptocurrency’s 2019 Surge Starts to Waver

By Bloomberg
01 Jul 2019 0

(Bloomberg) --Bitcoin slumped, undoing some of this year’s epic rally and amplifying a recent trend of outsized weekend moves.

The price of the largest cryptocurrency fell 9.5% since Friday to $11,056 as of 5:07 a.m. in New York, according to prices compiled by Bloomberg. It’s still up about 200% since the start of the year. Most other large coins also dropped: Bitcoin Cash -3.9%, Dash -7.2%. Litecoin advanced 4.2%.

Price drops as much as 13% since Friday as stellar rally tested
Optimism surrounding a potential increase in adoption of cryptocurrencies helped fuel price increases on Bitcoin at an accelerating rate last month. That took prices back to levels last seen at the start of 2018. The slide over the weekend is at odds with recent moves higher on Saturday and Sunday: surges in weekend activity since the start of May accounted for about 40% of Bitcoin’s price gains this year, according to data compiled by Bloomberg.

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