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Bitcoin price latest: Cryptocurrency value plummets by 15% after futures trading launches | 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. |
But has the bitcoin bubble finally burst? | |
Many economists and financial analysts have warned bitcoin remains a major gamble and there are concerns that the crypotocurrecy’s value could crash. | |
"It’s hard to see the bell tolling just yet," said Neil Wilson, senior market analyst at ETX Capital. | |
"Large price swings have become so normal that it’s hard to decide – we can easily see this market bounce back in very short order,” he said. | |
“Whilst there have been some hacks, public infighting in the mining community, lots of rumoured forks and regulatory pressure building on some fronts, this is likely to be a simple bout of risk-off selling as investors rebalance towards year-end,” he added. | |
Bitcoin edged closer towards being seen as a mainstream financial investment on Sunday after the launch of futures contracts tied to the cryptocurrency’s price. | |
The world’s biggest exchange operator by value, CME Group, launched the futures, which allow traders to bet on the future value of bitcoin. Around $50m of contracts changed hands in the first three hours of trading. | |
CME’s contract will compete with rival Cboe Global Markets which launched its own bitcoin futures earlier this month. |