BITCOIN CASH NEWS: Luno Bitcoin members soar as price PLUMMETS on cryptocurrency | City & Business | Finance

The young currency reached a high of $11,000 on Wednesday following a huge upward trend over the thanksgiving weekend.

But on Thursday the volatile cryptocurrency plunged by roughly 20 per cent – with one bitcoin now worth $9,021.85.

However analysts have claimed there is no reason to fear for the currency’s long-term stability.

Mark Newton, managing member of Newton Advisors, said: “I would say that you’ve seen several important, pretty severe corrections to bitcoin over time and it’s managed to come back. 

“From a percentage standpoint, the volatility isn’t that different than what you’ve seen in August.

“Temporarily, you’ve seen a potential peak. It’s gotten a bit overdone sentiment wise.”

It comes as global platform Luno reaches the one million customers mark as more people attempt to invest in Bitcoin.

The South African based platform is one of the world’s most popular, and makes buying and selling easy for users.

Luno co-founder and CEO Marcus Swanepoel, who is based in London, said: “As one of the pioneers in the industry, we’re excited to onboard our one millionth customer this week. 

“Over the past few years, we’ve stayed laser-focused on making Luno the easiest place to buy digital currencies such as Bitcoin and Ethereum.” 

Mr Swanepoel’s platform recently rolled out in Europe after south-east Asian and African success, and quickly became their fastest growing region.

He added: “Getting fast and friendly access to digital currencies is still the biggest pain point for most people, and core to our mission of making digital currencies safely and easily accessible for everyone, everywhere. 

“It’s also an important part of our longer term vision and a critical first step in building our platform that will help migrate the world onto a new, better financial infrastructure.”

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