Bitcoin: Analyst Comment
By FF Newsroom · 9 May 2017
Comment from Mati Greenspan, Senior Market Analyst at eToro, on Bitcoin's price movements today.
"A couple of major exchanges for other emerging cryptocurrencies have recently experienced cyber-attacks which have led to increased volatility in those cryptocurrencies. As a result investors are getting spooked, with eight out of ten of the top valued cryptocurrencies dropping in price today.
"In this context, it's no surprise to see a flight to safer cryptocurrency assets and that means Bitcoin, which has emerged as a relative safe haven of cryptocurrencies. Bitcoin is a more established asset, and traders are betting is doesn't face the same cyber threats that some of the emerging cryptocurrencies are vulnerable to.
"Bitcoin has been rising strongly this morning and is already well past $1700 a coin. The trend is very clear on the eToro platform with 87% of Bitcoin traders buying the asset. Don't expect a few short-term setbacks to shake investors' belief in the long-term potential of cryptocurrencies."