The bitcoin bump has turned into a beating – VICE News

The Bitcoin bump has turned into a beating

  • Bitcoin and ether — both tech-based alternative currencies — essentially crashed over the weekend before rebounding sharply on Monday, racking up the kind of gains in one day that normally take six months or a year in the stock market.
  • After a brief moratorium on withdrawals, three of the China’s popular bitcoin exchanges in early June, just before the crypto markets’ peak.
  • The global bitcoin market is also facing uncertainty over at the end of the month that would affect the transaction ledger, or blockchain, attached to each coin.
  • Both, however, are trading well below their June highs; ether is down almost 30 percent, and bitcoin, almost 60 percent.
  • Despite the recent downward trend, the price of bitcoin has still nearly tripled over the last 12 months, while ether is up more than 10 times its price a year ago.

Two of the most popular cryptocurrencies have a bit of a hangover after a wild weekend they’re only now starting to recover from.

@vicenews: The Bitcoin bump has turned into a beating

Two of the most popular cryptocurrencies have a bit of a hangover after a wild weekend they’re only now starting to recover from.

Bitcoin and ether — both tech-based alternative currencies —  essentially crashed over the weekend before rebounding sharply on Monday, racking up the kind of gains in one day that normally take six months or a year in the stock market.

Though no single news event drove the last few days’ dramatic swings, a few occurrences, taken together, help explain the roller coaster.

But whatever caused the weekend’s fluctuations, the markets stabilized on Monday. Ether rose almost 9 percent, while bitcoin gained 10 percent. Both, however, are  trading well below their June highs; ether is down almost 30 percent, and bitcoin, almost 60 percent. 

On the bright side, early buyers of cryptocurrencies have still made a ton of money. Despite the recent downward trend, the price of bitcoin has still nearly tripled over the last 12 months, while ether is up more than 10 times its price a year ago.

The bitcoin bump has turned into a beating – VICE News