7 years ago
4
Bitcoin rebounds after serious slump
Bitcoin prices climbed back above the $15,000 mark Saturday following a steep decline Friday when the cryptocurrency shed about a third of its value. Bitcoin, which is known to be extremely volatile, sank below $11,000 at one point Friday, according to data from CoinDesk.com. Prices had approached $20,000 as recently as a week ago.
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Well if it operates like a stock market and I decide to pull my 60 coins and cash out of course the price is going to drop, if hundreds of people do this it's going to be a volatile market. No regulations on it means there is nothing like the shutdown of the NYSE if too much is sold.
IIRC this is called the “Bull trap”. But who knows with this thing.
I think a "slump" by definition should last more than 1-2 days :P
In the case of bitcoin, 1 hr = 1 day.