Why Bitcoin Dropped More Than 6% at Its Low Today
Bitcoin (CRYPTO: BTC) prices fluctuated wildly in early morning trading Wednesday, with traders apparently smashing the sell button.
As of around 5 a.m., the price of Bitcoin had fallen to a low of $54,371, erasing all the gains it had made this week. However, before noon, the tokens had recovered to more than $56,000.
Comments from JPMorgan Chase CEO Jamie Dimon Tuesday that Bitcoin is, in his opinion, "worthless" don't help the cause. Additionally, there were reports this week that the share of futures contracts that were crypto-margined had dipped below the share that were cash-margined. That's a development that cryptocurrency traders are watching with interest.
Source Fool.com
