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| Bitcoin recovers from brutal sell-off that wiped out nearly half its value | Bitcoin recovers from brutal sell-off that wiped out nearly half its value |
| (about 3 hours later) | |
| The leading cryptocurrency bitcoin once again passed the $15,000 mark on Tuesday. It has been recovering from last week's sell-off, which sent prices below $11,000 after the $20,000 record. | |
| Bitcoin was trading at $15,500 on Tuesday, up almost nine percent. Its market cap reached $260 billion with its share of the cryptocurrency market sliding to 44 percent, according to Coinmarketcap. | Bitcoin was trading at $15,500 on Tuesday, up almost nine percent. Its market cap reached $260 billion with its share of the cryptocurrency market sliding to 44 percent, according to Coinmarketcap. |
| “There is no right current price which would reflect the right current valuation,” cryptocurrency expert Andrei Popescu told Reuters. | “There is no right current price which would reflect the right current valuation,” cryptocurrency expert Andrei Popescu told Reuters. |
| “Taking profit is right while buying into a long-term projection is also right. You don’t have to be right in this market, just less wrong than the rest,” Popescu said. | “Taking profit is right while buying into a long-term projection is also right. You don’t have to be right in this market, just less wrong than the rest,” Popescu said. |
| Cryptocurrency entrepreneur Julian Hosp has predicted bitcoin will reach a new record high, but not before another price crash. | Cryptocurrency entrepreneur Julian Hosp has predicted bitcoin will reach a new record high, but not before another price crash. |
| "I think we're going to see bitcoin hitting the $60,000 mark, but I also think we're going to see bitcoin hitting the $5,000 mark," Hosp told CNBC. | "I think we're going to see bitcoin hitting the $60,000 mark, but I also think we're going to see bitcoin hitting the $5,000 mark," Hosp told CNBC. |
| "The question is though, 'Which one is it going to hit first?" he said. | "The question is though, 'Which one is it going to hit first?" he said. |
| Hosp said the market anticipated the recent drop in prices, and it gave an opportunity to buy bitcoin at a discount. | Hosp said the market anticipated the recent drop in prices, and it gave an opportunity to buy bitcoin at a discount. |
| "This dip for us was very, very healthy, and some of us have used it to buy a little bit more because suddenly we had 40-45 percent discount to all-time highs," he said. | "This dip for us was very, very healthy, and some of us have used it to buy a little bit more because suddenly we had 40-45 percent discount to all-time highs," he said. |
| "I don't think crypto winter is going to come in the next couple of months, but I think if we look down one to two years, there is definitely going to be a big compression in the market," Hosp added. | "I don't think crypto winter is going to come in the next couple of months, but I think if we look down one to two years, there is definitely going to be a big compression in the market," Hosp added. |