Money Bitcoin plunges $2,000 after wild record ride past $11,000

00:17  01 december  2017
00:17  01 december  2017 Source:   Bloomberg

Crypto Bull Tom Lee Doubles Bitcoin Price Target to $11,500

  Crypto Bull Tom Lee Doubles Bitcoin Price Target to $11,500 The bitcoin bulls are charging. A day after hedge fund manager Mike Novogratz said the cryptocurrency will end the year at $10,000, Fundstrat’s Thomas Lee doubled his price target to $11,500 by the middle of 2018 -- a 40 percent gain from current levels.Lee, who heads research at Fundstrat, said a 10 percent pullback earlier this month triggered by the controversial cancellation of an upgrade to bitcoin’s underlying software has set the stage for the coming surge.The November slump “cleaned up weak hands,” Lee wrote Wednesday in a note to clients that almost doubled his last forecast.

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 © Provided by Bloomberg LP Hours after surging past $11,000, bitcoin tumbled almost 20 percent from the high, wiping more than $2,000 from its price in five hours. It traded at $9,340 as of 2:52 p.m. in New York.

The heaviest selling came amid reports of service outages and delays on some of the largest online exchanges. The cryptocurrency had rallied 20 percent in just four days, topping $10,000 for the first time earlier this week in a runup that drew increased warnings it was in a bubble. Bitcoin ended September at $4,171.25.

“After doubling in such a short period of time, people are taking profits,” said David Mondrus, chief executive of Trive, a blockchain-based research platform. “Issues in the exchanges add to it without a doubt. When you have a lack of ability to exit, then people dump in order to exit faster.”

Bitcoin Blows Past $12,000

  Bitcoin Blows Past $12,000 Photo. Getty Images The Bitcoin bubble continues to stretch to even more grotesque proportion s, clearing a value of at least $12,007 per bitcoin and attaining a market cap of $200 billion on Sunday, TechCrunch reported. The strong gains more or less put Bitcoin on a path to clear a value of $13,132 by the end of calendar year 2017, and potentially even more.While doomsayers have been predicting a massive crash in the cryptocurrency market for years, Bitcoin has largely continued its trend of explosive growth - for now.

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While not uncommon, outages at online exchanges have earlier led to selloffs in cryptocurrencies. Coinbase, one of the biggest platforms, earlier tweeted traffic was at an all-time high after bitcoin surged to a record $11,434 at 9:11 a.m. in Bloomberg composite pricing.

The cryptocurrency is extremely volatile and susceptible to major dips -- it’s fallen by at least 25 percent on three separate occasions in 2017 already.

Bitcoin blasts past $14,000 — less than 24 hours after crossing $12,000 .
Bitcoin crossed the $14,000 mark on at least one exchange after rising above $12,000 less than 24 hours earlier. The digital currency's latest swing higher comes after a 20 percent plunge last week.The overall pace of gains have accelerated in the last several weeks ahead of the launch of bitcoin futures by major exchanges.Bitcoin rocketed higher Wednesday, crossing the $14,000 mark on at least one exchange less than 24 hours after topping $12,000. define("homepageFinanceIndices", ["c.deferred"], function () { var quotesInArticleFormCode = "PRMQAP"; var config = {}; config.

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