asdfScreen Shot 2017 01 05 at 8.25.18 AMMarkets Insider

Bitcoin is getting smashed.

After a big rally since late last year, the cryptocurrency was down 18% to about $892 per coin as of 8:17 a.m. ET on Thursday.

On its first trading day of the new year, bitcoin crossed above the $1,000 mark for the first time since 2013, but has now tumbled below that level. 

From the end of September through Wednesday — just before the plunge — bitcoin gained nearly 100%. It was supported by renewed interest from China, where money rushed out of the country as its currency, the yuan, continued to weaken.

But on Thursday, the yuan witnessed its biggest two-day rise since record keeping began in 2010. This happened amid the government’s efforts to stop outflows from the country, and after overnight borrowing costs in Hong Kong surged to a new record as high as 100%. That squeezed investors who had bet that the currency would fall. 

The yuan’s rise is also pressuring the US dollar, which fell against other major currencies. – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest. is is not responsible for the content of external sites and feeds. Guest posts, articles or PRs are not always flagged as this!


  1. Will it ever go up again? Is it really time to stockpile at this low rate before it skyrockets again? Help!

Comments are closed.