RATE Group | Bitcoin price PLUNGE: Crypto takes HUGE tumble to 13-month low | City & Business | Finan…
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Bitcoin price PLUNGE: Crypto takes HUGE tumble to 13-month low | City & Business | Finan…

19 Nov Bitcoin price PLUNGE: Crypto takes HUGE tumble to 13-month low | City & Business | Finan…

Posted at 16:18h in Bitcoin News by

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Leading cryptocurrency Bitcoin plunged to its lowest price since October 2017 on Monday to $5,098.88, according to Coindesk at 14.25pm (GMT). Bitcoin reached a 24-hour high of $5,638.98 before it rapidly tumbled after opening 24-hours ago at $5,526.00. According to Coindesk, the year-on-year price fall stands at 32 percent, with prices trading about $7,5000 this time last year.

Speaking on Thursday, Wayne Trench, CEO of OSL Brokerage, explained the recent drop in price.

He told CNBC: “If you actually turn the clock back 12 months, Bitcoin is actually at almost the same level it was at this time last year.

“Obviously, it enjoyed a meteoric rise in December and January earlier this year but has since peddled back a lot of those retail speculation has driven gains. Interestingly, over the last couple of months, we’ve had record low levels of volatility for bitcoin.

“It’s really hovered around the $6,200 to $6,500 range and has seen fairly strong support at $6,200. Over the last…

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