Bitcoin price rebounds in Asian session, overnight plunge is a drop in the bucket
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The quotes released by BITSTAMP show that Bitcoin/US dollar (XBT/USD) rose from 400 to around 500 yesterday, plummeted to 380 overnight, and rebounded to above 440 in the Asian session of this trading day. (Bitcoin/US dollar time-sharing chart Source: Bloomberg, FX168 Financial Network)
The quotes released by KRAKEN show that Bitcoin/Euro (XBT/EUR) soared from around 260 to above 440 yesterday, fell sharply to the 360 level overnight, and rebounded to above 400 in the Asian session of this trading day. (Bitcoin/Euro time-sharing chart Source: Bloomberg, FX168 Financial Network)
The quotes released by Huobi.com show that Bitcoin/ RMB ( 6.3443 , 0.0088 , 0.14% ) rose from around 2668 to 3345 yesterday, and retreated sharply to around 2705 overnight. It rebounded to 3060 in the Asian session of this trading day.
(Bitcoin/RMB 30-minute chart Source: Huobi.com)
The recent trend of Bitcoin is breathtaking. Just this week, the price of Bitcoin denominated in US dollars has experienced a roller coaster market from 300 to 500 and then to 380. It is not surprising to see a single-day increase or decrease of 10%, or even close to 20%.
The recent market trend was triggered by the expansion of the application of blockchain, the core technology of Bitcoin. It is reported that the investment of 100 large financial institutions in blockchain-related projects in the next two years is expected to reach US$1 billion.
The characteristics of the high volatility market have caused the price of Bitcoin to plummet. However, investors are fortunate that Bitcoin, like other sovereign currencies, can be shorted.
At 13:19 Beijing time on November 5, Bitcoin/USD was 417.49, Bitcoin/Euro was 379.54, and Bitcoin/RMB was 2943.00.
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