Bitcoin plunges 6 per cent in minutes
Plus Peter Schiff loses all of his Bitcoin
On Sunday even the world’s most popular cryptocurrency Bitcoin (BTC) plunged by as much as 6 per cent in a matter of minutes.
Heretofore, BTC had enjoyed a superb start to 2020 thanks in part to increased geopolitical tensions between the United States and Iran.
The leading crypto dropped from $9,031.65 at 11:00 (GMT) to $8525.11 at 11:07. The cause for this plunge is not yet clear, although some have argued that it bounced off previous resistance on January 7.
Indeed, Bitcoin’s new year gains could not be over just yet. With the drop ending before the key supports of $8,463 and $8,577 and the halving looming, Bitcoin bulls could simply be refuelling for another surge.
Nonetheless with $101,747,000 worth of value lost in a space of 10 minutes, the cryptos volatility is undeniable. By mid-morning trading Bitcoin stands at $8,630.55.
In other Bitcoin news on Monday, famous gold bug and crypto-sceptic Peter Schiff revealed that he had lost access to his Bitcoin wallet.
Schiff stated: “I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid.”
Surprisingly for a vocal Libertarian Schiff has dismissed the utility of Bitcoin. He observed: “I knew owning Bitcoin was a bad idea, I just never realized it was this bad!” before adding: “My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin.”
It is not clear exactly how much Schiff has lost or indeed if he has actually lost access to his Bitcoin. Many have enquired as to the type of wallet he was using as these can vary in security. Furthermore, if as he claims they have not been stolen but he has simply lost access then they are still sitting on the blockchain and are retrievable.
His claim that Bitcoin is “worthless” has surprised observers. Many have pointed out that assets such as gold or even USD do not become universally worthless simply because an individual misplaces or loses them.
Schiff has maintained repeatedly that he did not forget his password, insisting: “My wallet forgot my password.” All hope of recovery is not lost therefore, not that Schiff will care either way, about what he deems a doomed asset.
FURTHER READING: Bitcoin surge slows after best start to a year since 2012