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Thread: Bitcoin price DOWN despite sudden huge price SURGE after launch of key crypto busines

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    Moderator cool user Dangerous's Avatar
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    Default Bitcoin price DOWN despite sudden huge price SURGE after launch of key crypto busines

    It has been a relatively soft few hours of trading for the crypto markets as small declines were seen across the board.

    Overall, the market shed 0.5 percent of its value over a 24-hour period to $210.6billion (£160million), according to Coin Market Cap.

    BTC’s price was given a major lift earlier this week with the launch of Fidelity Asset Services - a business that plans to handle cryptocurrency custody and trade execution for institutional investors.

    The service promises to “secure, compliant, and institutional-grade omnibus storage solution for Bitcoin, Ethereum and other digital assets”.

    In a knee-jerk reaction to the launch, crypto markets were initially propelled to new heights in a sudden spike in the digital assets' value.

    But the lift was short-lived as the momentum slowed and prices started to fall, stabilising cryptos across the board.

    The preliminary surge in price occurred on October 15, when BTC’s value rose sharply to almost $7,000 (£5,300) only to plummet back to $6,590 (£5,000) within the space of just four hours.

    The vast swing in BTC’s price is indicative of cryptocurrencies in general - the unpredictable digital assets are extremely volatile and sometimes experience huge fluctuations in value over short periods of time.

    source https://www.express.co.uk/finance/ci...Asset-Services
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    Piplet bstash's Avatar
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    Great article. Thanks a lot.

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