Bitcoin correction may reverse at close to $3,800

Markets 9/13/2017, 3:19 PM
Bitcoin correction may reverse at close to $3,800

Cryptocurrencies mostly continued a streak of declines against the euro and the dollar on Wednesday on unverified rumors China will crack down on exchange platforms in the sector, after it turned against initial coin offerings for suspicion of the creation of fraud schemes. Still, Hu Bing from the Institute of Finance Banking expressed belief the ban on the activity is only temporary, until legal and technical frameworks are implemented.

Jamie Dimon has publicly slammed the Bitcoin, claiming the system will crash, but at the same time he acknowledged the first digital currency could also rally to $100,000. Trading volumes were slightly elevated, as investors were looking to buy the dip, and the decline reversed after it touched $3,781, the weakest point in three weeks. But the Bitcoin's correction is dwarfed by longer-term gains: it is still more than 45% stronger versus the dollar than three months before.

It was 6.3% lower at 3:15 pm CET, buying $3,888.1. Compared to the euro, it was looking to end the seventh consecutive session in the red, trading 7.31% down at 3,235. On the flipside, the Bitcoin only lost 3.1% against the yuan, hitting 25,000, as China's currency recently gained significant strength against the dollar. Spinoff cryptocurrency Bitcoin Cash fell 7.74% to $497.4, compared to the 26-day low of $469.5, reached earlier in the session.

TeleTrader Newsroom / IT

Share:

BTC/USD+4.47%

3,773.7900
Chart for: BTC/USD

BTC/EUR+3.62%

3,172.0200
Chart for: BTC/EUR

BTC/CNY~+4.47%

24,884.371
Chart for: BTC/CNY~

BCH/USD+4.66%

430.90000
Chart for: BCH/USD