The Bitcoin price (BTC/USD) has fallen sharply after failing to secure a stale position above $12,000 on Tuesday afternoon.
The original cryptocurrency enjoyed some very positive price action on Tuesday morning, which allowed it to rise to a near four-week high of $12,273.82. However, the coin wasn’t able to sustain trading at those levels for long. Its spell above $12,000 had lasted just a few hours when a sharp pull-back sent the BTC price into negative territory. The coin fell to as low as $11,290.73 in the afternoon, before bouncing back to finish the day at $11,478.17. The close was well below the coin’s opening price level of $11,811.55.
While Bitccoin has seemingly managed to stabilise in today’s morning session, the coin has yet to fully recover from yesterday’s pull-back. After rising to as high as $11,684.85 earlier in the session, the Bitcoin price is now hovering around the $11,600 mark.
Some analysts have suggested that recent Bitcoin price surge might have been triggered by growing concerns over the ongoing trade war between the US and China, especially in the wake of US president Donald Trump’s recent threat to impose a new import tariff on Chinese goods. Some believe that the escalating tensions between the two countries boost BTC’s safe haven appeal. However, others view this as a speculative bet on investors’ part.
Marcus Swanepoel, chief executive officer of London-based cryptocurrency platform Luno, earlier this week told Reuters that in times of market fluctuations, investors tend to move small proportions of their portfolios into Bitcoin, with the hope of achieving outsize gains.
“If you’re wrong, you’re not losing lots of money, but if you’re right we are talking outsized returns,” said Swanepoel, as quoted by Reuters.
In today’s trading, the Bitcoin price stood at $11,581.39, as of 08:50 BST. The digital currency has lost 4.6% of its value in the past 24 hour, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $206.9 billion, which represents 68.3% of the combined value of all digital currencies.
Featured image: chanchai howharn / Shutterstock.com
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