Bitcoin plunges by nearly $3,000 after closing in on its all-time record

LONDON – Bitcoin has reached close to $ 3,000 in less than 24 hours after a high hit not seen since late 2017.

The bitcoin price was trading at $ 19,374 on Wednesday afternoon at 1:45 am London when it started its slide. According to data from industry site CoinDesk, the price of $ 18,824 declined to $ 16,857 from 2 a.m. Thursday to make up for the overnight loss.

Bitcoin has been on a tear in 2020, skyrocketing over 150% in a jump crypto enthusiast, crediting unprecedented monetary and fiscal stimulus in response to the Kovid-19 crisis, as well as Paul Tudor Jones and the big-name Interest has also been charged from investors. Stanley Druckenmiller.

As the latest tumble many have predicted cryptocurrency will soon hit an all-time high of $ 20,000.

Antony Trenshev, a managing partner and co-founder of NEXO, who bills himself as the world’s largest crypto lender, said he expects to rally bitcoin to $ 20,000 and beyond.

“For the long term I am not getting anything of the irreversible rise of bitcoin,” Trenchev said. “That doesn’t mean we won’t have loopholes along the way. Look what happened in March? Bitcoin fell 40% in a single day during the panic in the coronovirus market. 20-30% may fall and should be expected. “

He said: “Any healthy market requires a period of pullback and consolidation. Already in 2020 we have seen a gain of 160%.”

Bitcoin peaked at $ 19,783 in December 2017. After hitting that milestone, the bubble burst and bitcoin fell to $ 3,122 the following year.

It climbed to $ 15,000 on November 5, $ 1 15,000,000 on November 19, and $ 19,000 on November 26.

The market value of bitcoin – which is calculated by multiplying the total number of bitcoins in circulation – is now $ 315.3 billion, down from $ 355.9 billion on Tuesday, according to CoinDoc.

—CNBC’s Ryan Brown contributed to this story.