Bitcoin Profit-Taking Marks Mid-Day

Blockchain, FinTech, Investing, News | May 25, 2017 By:

Profit-takers emerged from hiding by mid-day on Thursday, as the massive overnight run-up of bitcoin’s single-coin price came back to earth.

Around noon Pacific time, bitcoin’s single-coin price sat around $2,464 on most exchanges. While that was down massively from today’s high-water mark of $2,747 achieved Thursday morning, it was still a gainer from the $2,450 mark of Wednesday mid-day.

Bitcoin absolutely exploded overnight from Wednesday into Thursday, trading this morning on several exchanges at around the $2,747 mark,  erasing the $2,500 through $2,700 barriers for the first time.

Buoyed by the arrival of the long-awaited hard fork on Wednesday, the markets revved as rumors swirled that the US Securities and Exchange Commission’s review of an appeal on the Winklevoss exchange-traded fund bid may hit before the weekend. The $2,700 price was astonishing, and means that bitcoin has doubled in price since it first topped $1300 in March as the world awaited the initial SEC ruling. After a brief dip into $900 territory, it’s been mostly blue skies and elevating price levels ever since.

Other cryptocurrencies were down slightly from Wednesday’s highs. Ethereum’s ETH was around $183. Litecoin at $32, Dash at $127.50, Monero around $43, and Ripple around  $0.266215.

Bitcoin broke  the magic $2,000 per single coin mark just on Saturday, and has kept that momentum since a a temporary retreat sparked by the worldwide ransomeware attacks and bitcoin’s ties to same.

The long rally floor toward today’s bitcoin all-time high was achieved on March 10, when it topped the $1,300 mark for the first time. A disappointing ruling by the US Securities and Exchange Commission on the Winklevoss twins’ bid to establish an exchange-traded fund briefly drove down the price to the mid-$900 range. Since then, it has increased an estimated 40 percent.

Increased worldwide trading, Japan’s legalization of bitcoin as a monetary unit, Korea’s startup frenzy, and improved outlooks from Russia and India toward easing regulations in those countries have been cited as reasons for the long-term rally.