Bitcoin Heads for Its Biggest Drop in More Than Two Weeks

Bitcoin
  • Bitcoin Heads for Its Biggest Drop in More Than Two Weeks

Bitcoin headed for the biggest drop in more than two weeks, as a rebound that saw the digital asset bounce almost 18 percent from the year’s lows ran out of steam.

The largest cryptocurrency dropped as much as 6 percent on Wednesday, putting it on course for its worst day since June 22, according to composite prices compiled by Bloomberg at 7:42 a.m. in New York. The move was reflected in its peers, with Ripple, Ethereum and Litecoin all falling more than 4 percent.

Rallies in digital tokens have been rare this year, with momentum lacking as apathy with last year’s hottest asset class grew. The currencies have struggled to retain speculator interest as a mania that saw Bitcoin rise 1,400 percent in 12 months appeared to have run its course.

The lack of interest was reflected in traded volumes, which in June plunged to the lowest level in more than a year, according to data from exchange Bitstamp Ltd., compiled by Bloomberg. Worldwide searches for the term “Bitcoin” hovered near the lowest level in a year, according to Google Trends data. Tweets that mention the coin peaked Dec. 7, at 155,600, and are now down to about 30,000 per day, BitInfoCharts says.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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