In what was an incredible day for bitcoin, which already sees staggering gains on a regular basis, the cryptocurrency soared to nearly $20,000 this week.
The digital current hit over $19,000 for the first time on Thursday before retracing 20% to a little over $15,000.
According to Coinbase exchange, the digital currency hit a high of $19,340 before falling to $15,198.63.
Newton Advisors member Mark Newton remarked, “It goes without saying that prices have reached a level where sentiment is exhibiting short-term euphoria. But to think prices are at mania levels where this could suffer a serious crash here… is a bit ridiculous.”
“I truly don’t think people are involved on a mass scale yet. We’ve heard the fraud claims. Now we need people profiting immensely all around us and making forecasts for $1 million, etc., for it to truly have reached a euphoric peak,” Newton explained.