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Bitcoin heads for its biggest drop in more than two weeks

Jul 10 2018 16:03
Eddie van der Walt, Bloomberg

Bitcoin headed for the biggest drop in more than two weeks, as a rebound that saw the digital asset bounce almost 18% from the year’s lows ran out of steam.

The largest cryptocurrency dropped as much as 6% on Wednesday, putting it on course for its worst day since June 22, according to composite prices compiled by Bloomberg at 07:42 in New York. The move was reflected in its peers, with Ripple, Ethereum and Litecoin all falling more than 4%.

Rallies in digital tokens have been rare this year, with momentum lacking as apathy with last year’s hottest asset class grew.

The currencies have struggled to retain speculator interest as a mania that saw Bitcoin rise 1 400% in 12 months appeared to have run its course.

The lack of interest was reflected in traded volumes, which in June plunged to the lowest level in more than a year, according to data from exchange Bitstamp Ltd, compiled by Bloomberg.

Worldwide searches for the term "Bitcoin" hovered near the lowest level in a year, according to Google Trends data. Tweets that mention the coin peaked in December 7, at 155 600, and are now down to about 30 000 per day, BitInfoCharts says.

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crypto currency  |  bitcoin
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