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posted by martyb on Tuesday September 05 2017, @09:10AM   Printer-friendly
from the What's-in-YOUR-wallet? dept.

Bitcoin peaks above $5,000 for first time

Bitcoin has crossed the $5,000 (£3,862) threshold for the first time. The virtual currency peaked at $5,103.91 in the early hours of Saturday, according to CoinDesk's price index. The record high helped push the total value of publicly traded crypto-currencies - including Ethereum and the Bitcoin-offshoot Bitcoin Cash - to more than $176bn. However, there has since been a sell-off. At time of writing, Bitcoin was 12% off its peak, at $4,485.

According to coindesk.com, one Bitcoin is worth $4085.63 at this moment (20170905_023428 UTC).


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  • (Score: 2) by TheRaven on Tuesday September 05 2017, @03:25PM (2 children)

    by TheRaven (270) on Tuesday September 05 2017, @03:25PM (#563777) Journal
    If the value fluctuates by 10% over the period of a day, it sounds as if you can still make good money buying when it goes 2% below the previous day's average and selling when it goes 2% above. I suspect that a lot of the current 'value' of Bitcoin comes from the fact that a lot of people are doing exactly that, causing the value to shoot up and down whenever they buy or sell.
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  • (Score: 2) by bob_super on Tuesday September 05 2017, @05:10PM (1 child)

    by bob_super (1357) on Tuesday September 05 2017, @05:10PM (#563824)

    The problem, when it fluctuates up and down by 20% in two days, is to figure out when to buy... At that level of volatility, it's gambling, not a rational investment.

    • (Score: 2) by TheRaven on Wednesday September 06 2017, @09:53AM

      by TheRaven (270) on Wednesday September 06 2017, @09:53AM (#564095) Journal
      If it's fluctuating that much, it pretty much guarantees that there will be a point that's 5% or more above where you bought it, unless you bought it at a prior peak. AS long as you're not too greedy, you'll keep making money right up until the bubble bursts (at which point, you either lose everything, or you feel smug because you cashed out earlier).
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