CryptoWatch: Ho, Ho . . . Whoa: Bitcoin, Other Cryptocurrencies Take Wild Ride On Christmas Eve

The price of bitcoin veered as sharply as Santa’s sleigh in pre-Christmas weekend trading, plunging more than 14% at one point Sunday after Saturday was spent making up much of the 30% loss from Friday’s cryptocurrency mini-crash.

On Sunday, bitcoin BTCUSD, +6.95%   dipped as low as $13,075, after starting the day above the $15,000 mark. The price improved Sunday night, and was last trading at $14,012, up more than 6% since the beginning of the new trading day that started at 5 p.m. Eastern.

Bitcoin wasn’t alone: Every major cryptocurrency suffered double-digit-percentage losses Sunday afternoon, according to CoinMarketCap.com, with ethereum down 12% at one point and bitcoin cash — bitcoin’s rival offshoot — down $19%. By Sunday night, prices had largely bounced back. Ethereum last traded at $710, down 1% overall for the day, and bitcoin cash was at $2,912, down 10%.

Read: Bitcoin investors could have avoided huge losses by ‘respecting price’

On Friday, bitcoin plummeted nearly 30% to $10,834.94 at its low point, ethereum fell as much as 33% and bitcoin cash fell as much as 37%. Trading recovered somewhat Saturday, with bitcoin rallying about 8%.

Just one week ago, bitcoin hit an all-time high price above $20,000 — it’s lost almost a quarter of that since.

Also see: 7 cryptocurrencies to watch in 2018 if you’re on the hunt for the next bitcoin

Some experts say the wild swings shouldn’t worry investors unless they are leveraged. “This is a beast that has a unique personality, so a 20% to 30% move doesn’t matter at all,” market analyst Naeem Aslam wrote for MarketWatch last week. Aslam said that investors in bitcoin for the long term will likely still come out ahead.

Despite the volatile week, bitcoin is still up about 1,300% this year, and has an industry-leading market cap of about $224 billion.

RECENT NEWS

US Stock Market Pulls Back, Ending Multi-Day Rally Amid Inflation Jitters

The US stock market experienced a significant pullback today, ending a multi-day rally as investors grew increasingly ji... Read more

Investor Confidence Boosted As BT's CEO Allison Kirkby Challenges Short Sellers And Raises Dividend

BT Group’s shares have surged by 17% following a series of bold announcements by CEO Allison Kirkby. Kirkby’s assert... Read more

Market Optimism As S&P500 Briefly Peaks Amid Falling Inflation

The S&P500 index saw a brief all-time high as new data revealed a drop in America's annual inflation rate to 3.4% in... Read more

Sony's Strategic Share Buyback: Impact On Stock Performance

In a bold move signaling confidence in its financial stability and future growth prospects, Sony recently announced a si... Read more

The Hidden Costs Of Investing In BDCs

Business Development Companies (BDCs) are often lauded for their attractive yields, appealing to investors seeking subst... Read more

The Case For Hedging Foreign Exchange Exposure Amidst Economic Divergence

In today's global economy, characterized by increasing economic divergence among major nations, investors face a dauntin... Read more