Bitcoin is getting pounded after a wild week of gains

Currency will never be the same again. Picture: Getty Images
  • Bitcoin on Friday dropped sharply after four days of massive gains.
  • Its price fell by about 8% by late afternoon on Friday.
  • Bitcoin had risen as high as $US19,000 on some exchanges, but most saw highs of about $US16,000.

LONDON – The price of bitcoin dived below $US15,000 during morning trade in Europe on Friday before recovering some poise as the day progressed.

Following a week of wild gains, in which the cryptocurrency rose in value by more than $US5,000 a coin, it seems as if investors may be taking stock, with some cashing out.

According to data from Markets Insider, bitcoin’s value has fallen by around 8% as of 4.35 p.m. GMT (11.35 a.m. ET) to trade at $US15,400 per coin. During morning trading the value of bitcoin had fallen below $US15,000. Here is the chart:

Screen Shot 2017 12 08 at 16.36.32Markets Insider

Bitcoin passed above $US16,000 on Thursday, with some exchanges quoting prices as high as $US19,000.

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,” analysts from FxPro said in an email on Friday morning. “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.”

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