Bitcoin Sees Support at $10,000 After Giving Back Much of Rally
Bitcoin found support just below the $10,000 level after a volatile week that saw its price leap 23%.
(Bloomberg) -- Bitcoin stabilized at around the $10,000 level after a sell-off erased much of its monster gain from last week.
The largest digital asset pared most of its earlier 7.8% drop on Tuesday and was trading at $10,454 as of 11:49 a.m. in New York. Other cryptocurrencies also pared their declines, data compiled by Bloomberg show.
Bitcoin found support just below the $10,000 level after a volatile week that saw its price leap 23% after oscillating widely between gains and losses, at one point plunging more than $1,800 in a matter of minutes. It’s still up more than 180% since the start of a year that’s seeing wider acceptance of digital coins from corporate giants, including Facebook Inc., which unveiled plans for its own token.
The volatility follows comments from notable crypto skeptic Nouriel Roubini, the head of Roubini Macro Associates, sometimes known as “Dr. Doom,” who said at a blockchain summit in Taipei that there is “massive, massive amounts of price manipulation” in the crypto space.
But not all are as gloomy about Bitcoin’s outlook. Cedric Jeanson, chief executive and founder of crypto asset management and advisory firm BitSpread Ltd., sees the volatility as an opportunity. He anticipates Bitcoin will surpass its previous record of more than $19,000 reached in 2017.
“The real trend is buy and hold,” Jeanson said. “As soon as it goes down, people find opportunities to buy it at what they consider to be ‘on the cheap.”’
To contact the reporters on this story: Vildana Hajric in New York at vhajric1@bloomberg.net;Gregor Stuart Hunter in Hong Kong at ghunter21@bloomberg.net
To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Todd White, Rita Nazareth
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