After a wild week, bitcoin is finally falling
- Bitcoin drops sharply after four days of massive gains.
- Price falls by around 8% by mid-morning trade in Europe.
- Bitcoin had risen as high as $19,000 on some exchanges, but most saw highs of around $16,000.
LONDON — The price of bitcoin has dived below $16,000 overnight and remains lower during morning European trade on Friday.
Following a week of wild gains, in which the cryptocurrency rose in value by more than $5000, it seems as though investors may be taking stock, with some cashing out.
According to data from Markets Insider, bitcoin's value has fallen 8.2% during the current trading period to trade at $15,463 per coin as of around 10.10 a.m. GMT (5.10 a.m. ET), as the chart below shows:
Bitcoin had passed above $16,000 on Thursday, with some exchanges quoting prices as high as $19,000.
The latest bull run began in earnest at the end of October when CME Group, the world's biggest exchange operator, announced plans to launch bitcoin futures contracts that would give institutional investors exposure to the new asset class. The rival Cboe is beating CME Group to the punch, launching its future contracts on Monday.
"Bitcoin has proven to all that it’s able to overcome gravity. Its exponential rise in value, however, isn’t simply due to the impending arrival of institutional investors. Cryptocurrencies, and Bitcoin, in particular, have become extremely popular with the general public, and as prices move ever higher, the desire to invest continues to grow," analysts from FxPro said in an email on Friday morning.
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Contributer : Tech Insider http://ift.tt/2BlfYQq
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