Bitcoin Delirium Reappears As Risk Assets Mount

67
Bitcoin (Courtesy: newsmax.com)

Bitcoin has currently displayed a boom period with the king crypto even reaching the $12000 mark. Ethereum has also been on an all-time high which has helped its investors gain profit. However, a Bitcoin delirium has started to reappear as risk continues to mount.

Even the price of Gold has hit a milestone but it needs to be kept in mind that the price of Bitcoin slashed down from $12000 to $1000 within hours, putting forth a lot of risk.

“This is probably the ultimate in momentum-based assets,” says Matt Maley, chief market strategist at Miller Tabak & Co. “The best thing that can happen right now is if you go back down and successfully test that support level and bounce off that. You get that kind of move and it’s going to be very bullish.”

Bloomberg reported that Bitcoin hit its peak in late 2017, when it reached nearly $20,000 before crashing, and has fluctuated significantly since.

The controversial digital alternative to traditional money garnered some extra attention this week after equity day trader Dave Portnoy, the founder of Barstool Sports, tweeted that he’s ready to learn about Bitcoin and invited crypto advocates Tyler and Cameron Winklevoss to explain it to him.