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Bitcoin leads cryptocurrency selloff

11/26/2020 | 06:49am EST

Staying true to form, Bitcoin showed its rollercoster nature again on Thursday (Nov 26)

The digital currency led a broad cryptocurrency selloff, dropping as much as 13% early Thursday to just over $16,300.

That was after having hit its highest level in nearly two years earlier this week.

Other cryptocurrency also fell, with Ripple's XRP dropping over 20%

And Ethereum falling 13%.

Both currencies had also hit highs earlier this week.

Bitcoin has gained around 160% this year.

But some experts say investing in cryptocurrencies is like playing roulette.

Adding that it's because no-one really understands what's happening.

Unlike stocks or bonds, where business trends or central bank decisions can affect prices, crypto values remain an enigma.

Analysts rarely pinpoint causes when prices suddenly crash, or stall for years.

Even big names in finance are baffled.

Billionaire Masayoshi Son the CEO of Japan's Softbank, said last week that he had no regrets at missing out on the latest rally, having sold out in 2018 for a loss of around $50 million.


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN - UNITED STATES DOLLAR 0.10% 31194.36 Real-time Quote.23.17%
SOFTBANK GROUP CORP. 2.90% 8946 End-of-day quote.11.02%
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