Bitcoin Prices Hit Record High, Then Retreat
Bitcoin Prices briefly hit an all time high of around $5,013 USD late last night (September 2nd, 2017). This historic price was then quickly followed by a large sell-off in the greater cryptocurrency market, in the amount of roughly $13 Billion USD when all was said and done.
Though the large sell-off might have spooked off some investors, it seemed that Bitcoin found its bottom right around the $4,600 mark as investors saw this as an opportunity to enter the market at a lower price. Bitcoin wasn’t alone, however, as a large majority of cryptocurrencies and altcoins also saw declines during the same period.
It will be interesting to see if Bitcoin will set any new records this month, as geo-political uncertainty remains high (with North Korea continuing its testing of ballistic missiles), and commodities traded higher as Hurricane Harvey briefly decreased the US’s ability to refine oil.