Going into the long Labor Day weekend, stock traders were on a break. They had a three-day weekend followed by a four-day trading week.© TheStreet Is Bitcoin Safe to Buy After Its Latest Bout of Volatility?
The same cannot be said for crypto investors.
A market that trades 24/7 doesn’t sleep, but for many, it looked like they could enjoy their weekend. Bitcoin cruised into the weekend and on Monday, it hit its highest level since May.
On Tuesday, it inched even higher, barely taking out Monday’s high. That’s as El Salvador officially introduced bitcoin as legal tender.
The celebration was short-lived.
Bitcoin went on to get clobbered later in the day, falling 19% from the session highs at one point.
And that’s probably detractors’ biggest issue with cryptocurrency: How can anyone depend on it when it makes these types of daily swings?
Following a massive bounce, Bitcoin ended the day down 11.5%. Other cryptos, like Ethereum, also experienced the wild swings. SOURCE Is Bitcoin Safe to Buy After Its Latest Bout of Volatility? (msn.com)