Never mind what's happening in equity markets, has the day of reckoning arrived for those speculating on crypto-currencies?
The value of Bitcoin fell below US$10,000 for the first time since the last day of November on Tuesday Morning as this week's sell-off continued.
Bitcoin recovered to US$10,617 but market observers expect the price to remain volatile.
“After riding on the crest of a wave for the majority of 2017, Bitcoin traders have been left scratching their heads as to how the cryptocurrency has slipped as low as $9,000 after hitting heights of $19,000 just one month ago,” observed Dennis de Jong, the managing director of forex trading platform operator UFX.
“While some of the newer currencies on the market went from strength to strength in December, it looks as if there has been an adverse effect on their durability too – Ripple has tumbled more than 40% for the year so far.
“Despite this blip, it’s still too early to suggest the bubble has completely burst, and this could be the ‘price adjustment’ that market experts had warned of lately.
“The majority of those experts maintain that market volatility is to be expected, so don’t be surprised to see a resurgence in Bitcoin in the coming weeks – it’s unlikely that there will be any large-scale panic departures from the market just yet.”
Meanwhile, back in the world of equity markets, the Dow Jones saw a 283 point gain on Tuesday turn into a 10 point loss to close at 25,793 yesterday. Spread betting quotes indicate it will make like incy-wincy spider and open at around 25,935 on Wednesday, up 142 points.
In after-hours trading, Juno Therapeutics Inc (NASDAQ:JUNO) shot up 56% to US$71.30 after it emerged that Celgene Corporation (NASDAQ:CELG) is in talks to buy it.
Shares in Celgene dipped 1.7% to US$103.01 in screen-based trading.
Shares in Adient PLC (NYSE:ADNT) lost altitude after it was announced it would form a joint venture with Boeing Co (NYSE:BA) to sell a portfolio of seating products to airlines and aircraft leasing companies.
Adient's stock lost almost one-tenth of its value while Boeing rose 0.8%.
Fourth quarter results from Interactive Brokers Group Inc (NASDAQ:IBKR) disappointed the market.
The online brokerage made a loss per share of two cents, compared to earnings per share of 40 cents the year before. The company said the Tax Cuts and Jobs Act wiped 45 cents per share from its earnings.