Bitcoin Hits Record High Followed By Sharp Sell-Off

Bitcoin, the world’s largest cryptoasset, reportedly hit a new all-time high of $19,510 yesterday, beating the previous high of $19,458 set in December 2017, according to the Financial Times (FT). The cryptoasset has risen 75% in the past three months. From lows, in March it has returned a staggering 400%.

The record high was disputed by some data providers. Leading crypto outlet CoinDesk, unlike the FT, is unwilling to call the high. This is because of the cryptoasset’s decentralized nature, as prices and valuations fluctuate depending on the data and analysis used. This leads to price discrepancies between outlets and a variation on deciding where the current price is precisely.

Currently trading down around 10%, bitcoin is facing its first real test of selling pressure in some time, testing the 20-day moving average. Profit-taking was always going to be an inevitability at some point, investors will now be trying to understand if this is a reversal in momentum or a mere pause before another shot at $20,000.


US markets dropped back from record highs set earlier this week, with both the Dow and the S&P 500 dropping marginally. US markets will reopen on Friday for a shorter trading session than normal.

Salesforce in Slack takeover talks

Business software firm Salesforce is in talks to buy popular workplace communications firm Slack, with a deal reportedly possible within days. Slack is a popular alternative to workplace emails and will see Salesforce step out of the technical side of business software into a more mainstream sphere of communications. Slack’s share price was up nearly 38% on the news of the takeover talks, while Salesforce’s share price was down -5.4%.

Meanwhile, US markets faced an indifferent day of the performance on Wednesday as many set off for the biggest holiday in the US calendar, Thanksgiving. The S&P 500 was off by -0.2% led lower by Gap, down -19.6% thanks to worse than expected earnings results. This was followed by Technip, down -6.3%, and the aforementioned Salesforce at -5.4%. Conversely, the best performers on Wednesday in the S&P were Etsy, up 5.4%, Autodesk popping 4.7%, and PayPal up 4.1%.

1 2 3
View single page >> |

Disclaimer: eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority. eToro (Europe) Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission. eToro AUS ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.