Back to Reality? Bitcoin’s Price Drops $100 Amid Meteoric Month

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The price of bitcoin saw something it hasn’t seen much of lately today – a 24-hour decline to the tune of triple digits.

According to figures from the CoinDesk Bitcoin Price Index, the day-over-day decline marks a rare occurrence over the last month. Over that span, bitcoin has been largely in the green, spurred by a diversity of factors on which analysts haven’t found much to agree.

The pause in price growth may be stunning, if only for the fact bitcoin has been consistently setting new all-time highs in recent trading sessions.

Analyst and trader Jacob Eliosoff, for instance, downplayed bitcoin’s off-day, positioning it in perspective of bitcoin’s overall gains. The price of one bitcoin is up over $700 so far this year, and up nearly $1,300 since May of last year, BPI data shows.

Still, Elisoff pointed to data that suggests bitcoin’s historic corrections have been swift.

He told CoinDesk:

“A natural question is, when the correction does come, how far will it drop? I don’t know, but in the past they’ve been huge.”

Others projected that the price may simply be consolidating after a period of intense growth, with over-the-counter trader Charlie Shrem reporting that he

Read more ... source: CoinDesk

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