What Factors Caused Bitcoin’s Latest Pullback?

SourceForbes
SectorFinancial Markets
CountryMiddle east

Bitcoin prices have suffered some notable losses over the last few days, falling more than 25% between Friday and this morning as traders sold the digital asset. The cryptocurrency dropped to as little as $30,305.30 at roughly 11:30 a.m. EST, according to CoinDesk data. At this point, bitcoin was down more than 26% from the all-time high of $41,962.36 it reached on Friday, additional CoinDesk figures show. The digital currency has experienced a meteoric rise over the last several months, rising from less than $3,900 in March to nearly $42,000 last week. By generating these gains, bitcoin has climbed close to 1,000% in under a year. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] Several analysts spoke to this impressive rally, as well as its implications. “The market has been overbought for months,” said Jeff Dorman, chief investment officer of asset manager Arca. ...read more...