Bitcoin Rebounds Sharply After Biggest Drop In 2 Weeks

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Update: Bitcoin spot and futures are bid and have reebounded notably off the after-hours lows…

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By:  Tyler Durden

This article first appeared at ZeroHedge

As we detailed earlier, shortly after the US equity market closed this evening, someone decided it was time to dump a few hundred Bitcoin, sending the price plunging below $17,000…

Did another HODLer just fold?

Potential investors in bitcoin should steer clear of a dangerous gamble and not complain to financial regulators if things do go wrong, Denmark’s central bank governor warned.

“You should stay away (from bitcoin). It is deadly,” central bank head Lars Rohde said in an interview with state broadcaster DR published online on Monday.

Additionally, CoinTelegraph reports that, according to Bitcoin.com co-founder and CTO Emil Oldenburg, Bitcoin is “useless” and has no future as a tradeable currency, citing high transaction fees and long lead times. In an interview with Swedish tech site Breakit, Oldenburg said that he had sold all of his Bitcoin and switched to Bitcoin Cash, a hard fork of Bitcoin created in August 2017.

Oldenburg justifies his actions, saying:

“An investment in Bitcoin right now I would say is the most risky investment one can make. It is extremely high-risk. I’ve actually sold all of my Bitcoins recently and switched to Bitcoin Cash.”

Despite the fact that Oldenburg’s company is in fact a Bitcoin wallet, the CTO says that he has become disenchanted with Bitcoin due to its high transaction fees and slow confirmation time, saying Bitcoin’s current performance is “completely unreasonable.”

Increased transaction speed and lower costs are the main features supporters of Bitcoin Cash point to when comparing the two coins.

Ethereum is also being sold but remain positive on the day…

 

Bitcoin futures are bid now…

This article first appeared at ZeroHedge