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Bitcoin steadies following drop caused by tweet

EPA / JEROME FAVRE

Bitcoin, the world's most widely traded cryptocurrency recovered some of the losses caused earlier in the day by a tweet from Charlie Lee, the creator of a cryptocurrency called Litecoin.

"Looks like this time China finally banned Bitcoin exchanges (anonymous source I trust fully) There's only one response: JUST HODL," Lee said, using trading jargon to refer to not selling. Immediately after the tweet, Bitcoin's price dropped 4.6%, to a low of $4,080. The market has been wary of increasing regulation from China ever since the country banned initial coin offerings.

However, in the hours after the tweet, the first digital currency regained almost 60% of the loss, to trade for $4,202 at 11:41 pm CET, 0.39% down in the last 24 hours. Lee was blamed for spreading rumors without credible evidence. "I didn't expect my tweet to affect the market. But I guess people were really on edge."

Breaking the News / RV