New heavy phase of volatility for Bitcoin (BTC), which has been recording one of the most important corrections in 2017 and has already lost over 6,000 dollars of its value since last Sunday and almost 3,000 since yesterday.
Bitcoins in freefall
After reaching a new peak at 19.661 dollars last December 17, at the height of a period of strong hikes in December, the most widespread cryptocurrency sold over 35% of its value in five days, falling this morning up to a minimum 12.522 dollars and burning tens of billions of capitalization (now around 221 billion) before a partial recovery.
At the time of writing, the Bitcoin Price Index of the Coindesk sector portal reports a price of $13,330.07.
One of the explanations offered in these hours by analysts and observers of the sector indicates the possibility of repositioning investors towards the so-called altcoins, the “alternative” digital currencies that have gradually come to a halt thanks to the popularity of bitcoins.
“Huge volumes of capital are shifting from bitcoin to other cryptocurrencies,” said ASR Wealth Advisers equity analyst Shane Chanel, an analyst in the equities and derivatives division of ASR Wealth Advisers, citing cases like those of Verge and Ripple, the 400% rally last week.
The prophecy of Dimon comes true
JPMorgan Chase CEO Jamie Dimon had called bitcoin a “fraud.” Later he said that if you’re ‘stupid’ enough to buy bitcoin, you’ll pay the price one day, adding that he’s “not going to talk about bitcoin anymore.”
Bad news from Asia
However, considering that practically all the main altcoins, including Ripple (XRP), are currently recording two-digit declines (-25% Ethereum, -23% Bitcoin Cash, -33% Litecoin). Another potential selloff trigger for the whole crypto family could be bad news from South Korea, which has emerged in recent times as one of the most active countries in the global cryptocurrency market, and in particular altcoins.