BITCOIN’S ability to regularly disappoint even its most fervent admirers went into overdrive this week as the world’s dominant cryptocurrency lost 20 percent of its value within hours.
Dropping like a stone through the psychological barrier of $10,000 it finally landed this afternoon, levelling off at around $8,400 before slipping slowly towards $8,000 – a line it looks almost certainly to prepare to spring from. The question now is about which direction this battered cryptocurrency takes when it does. Rewind only three months and bitcoin was kissing $14,000 – a position it hadn’t even been close enough to smell since 2017 when it claimed an all-time high of $20,000.
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