Bitcoin surges a fifth as markets rebound, still down a quarter since Monday
Reuters
Published Mar 13, 2020 14:00
Bitcoin surges a fifth as markets rebound, still down a quarter since Monday
LONDON (Reuters) - Bitcoin surged by more than a fifth on Friday amid high volatility across rebounding global markets, reversing some of its heavy losses from a day earlier but still leaving the cryptocurrency down nearly 30% since the start of the week.
The biggest cryptocurrency soared 23.5% to $5,990, reversing heavy losses from earlier in the day and on course for its biggest one-day gain since December 2017, the peak of its retail investor-led bubble. It was last up 20% at $5,800.
The gains came as stock markets around the world jumped as investors hoped for central bank stimulus and government spending to stymie the economic shock from the coronavirus pandemic.
On Thursday, bitcoin - notorious for its high volatility - suffered its worst daily loss in nearly seven years, losing almost 40% as the rout of major stock markets over the economic impact of the coronavirus outbreak spread to cryptocurrencies.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.