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| Bitcoin price latest: Cryptocurrency value plummets by 15% after futures trading launches | |
| (35 minutes later) | |
| The value of bitcoin tumbled by nearly 15 per cent on Friday, down roughly 30 per cent from its record high of nearly $20,000(£14,950) set at the start of the week. | The value of bitcoin tumbled by nearly 15 per cent on Friday, down roughly 30 per cent from its record high of nearly $20,000(£14,950) set at the start of the week. |
| The price of the digital currency fell as low as $12,504 on Friday morning, according to CoinDesk's Bitcoin Price Index. | The price of the digital currency fell as low as $12,504 on Friday morning, according to CoinDesk's Bitcoin Price Index. |
| It has been a volatile month for the cryptocurrency which has surged in value since the start of the year. | It has been a volatile month for the cryptocurrency which has surged in value since the start of the year. |
| Bitcoin hit a record high of $19,666 on Sunday in the lead up to exchange giant CME Group’s launch of its bitcoin futures and has since lost about a third of its value. | Bitcoin hit a record high of $19,666 on Sunday in the lead up to exchange giant CME Group’s launch of its bitcoin futures and has since lost about a third of its value. |
| It was not immediately clear what caused the sudden fall in price. | It was not immediately clear what caused the sudden fall in price. |
| The success of bitcoin has led to a rise in in rival cryptocurrencies and competition in the market is heating up. | The success of bitcoin has led to a rise in in rival cryptocurrencies and competition in the market is heating up. |
| Stephen Innes, head of trading in Asia-Pacific for retail FX broker Oanda in Singapore, told Reuters that there have been moves out of bitcoin into Bitcoin Cash, a clone of the original cryptocurrency. | Stephen Innes, head of trading in Asia-Pacific for retail FX broker Oanda in Singapore, told Reuters that there have been moves out of bitcoin into Bitcoin Cash, a clone of the original cryptocurrency. |
| “Most of it is unsophisticated retail traders getting burned badly,” Innes said on bitcoin’s recent retreat. | “Most of it is unsophisticated retail traders getting burned badly,” Innes said on bitcoin’s recent retreat. |