Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Bitcoin price drops to $3,637, rebounds above $5,200 within minutes
Whenever there’s a big crash on the stock market, traders on Wall Street are often pictured with their heads in their hands — surrounded by a sea of screens with red numbers. This week, it was crypto’s turn. Bitcoin prices had been relatively stable in the high $7,000s at the start of the week… then Thursday happened. BTC dramatically fell by 17% in the space of an hour — taking it below $6,000 for the first time since May 2019. Hours later, BTC was under $5,000. But the sell-offs were far from over. Later that evening, BTC slumped to $3,637 only to rebound above $5,200 within minutes. The meltdown means that, at the time of writing, Bitcoin is down 33% compared to where it was last Sunday. Analysis from Keith Wareing suggests there are reasons to be optimistic: True hodlers are unfazed, newcomers can enter the market at lower prices, and catastrophic sell-offs are now much less likely. The carnage also means the number of people owning 1 BTC has hit a new record. More than $50 billion has been wiped off Bitcoin’s market cap over the past seven days. Uncertainty surrounding the ever-worsening coronavirus pandemic means we could end up waiting a while for a bounceback.
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