Bitcoin Flash Crash Starts Week As Swiss Bank Offers Crypto Service To Customers

Home » Bitcoin Flash Crash Starts Week As Swiss Bank Offers Crypto Service To Customers

Crypto investors are reeling after a flash crash at the start of the week saw Bitcoin prices fall from highs of £3,166 to lows of £2,864 within a matter of hours.

The steep decline for the world’s largest cryptocurrency had a detrimental impact on other assets – sending the top 20 coins tumbling into the red. Ethereum was among the hardest hit, suffering double-digit declines of about 15%.

In the run-up to the slump, investors had been upbeat because the price of Bitcoin had risen gradually over the course of the past week – but Sunday’s crash wiped out most of those gains. Analysts predict this was the biggest single-day decline seen since the second week of January.

The financial drama of recent days has led some analysts to suggest that the price of Bitcoin has now bottomed out, meaning sellers could potentially make gains in the not-too-distant future. Ever since the cryptocurrency reached the dizzying highs of $19,000 back in December 2017, its value has been in sharp decline – and now, it is worth 80% less than what it used to be.

Predictions on where Bitcoin’s price is going to go are continually being made, but that does not necessarily mean there is a consensus. Last week, IBM executive Jesse Lund confidently predicted that one Bitcoin could be worth £3,786 by the time 2019 draws to a close, and revealed that he thinks prices could one day hit £750,000.

Compare this to the words of the billionaire investor Warren Buffett, who told CNBC on Monday that Bitcoin was a “delusion” with no unique value in it at all. The 88-year-old has long been a critic of cryptocurrencies in general but has admitted that he believes blockchain technology could be a force for good.

However, not all banks and financial institutions agree with his perspective – and by the day, it seems more organisations are beginning to welcome crypto into their portfolio of products. On Tuesday, Julias Baer – one of Switzerland’s biggest banks – announced a partnership which would enable its customers to store, invest and trade digital assets.

The bank’s head of markets, Peter Gerlach, said in a statement:

“At Julius Baer, we are convinced that digital assets will become a legitimate sustainable asset class of an investor’s portfolio.”

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