bitcoin plunges 15 in wild trading
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Bitcoin plunges 15% in wild trading

Arab Today, arab today

Arab Today, arab today Bitcoin plunges 15% in wild trading

Bitcoin has soared more than 50 percent in just a week and is up from a 2017 low of $752 in mid-January.
Singapore - Arab Today

Bitcoin plunged as much as 15 percent to below $14,500 on profit-taking Friday, capping a roller-coaster week that saw the currency hit a series of record highs and underlining concerns about its volatility.

The virtual currency, which has no central bank backing and no legal exchange rate, briefly hit a new record of $17,000 before plunging to $14,480 in Asian afternoon trade, according to Bloomberg News.

It clawed back some ground and stood at $16,100 in later trading.

Created in 2009 as a bit of encrypted software, the digital money been used to buy everything from beer to pizza, and is increasingly accepted by major companies such as booking website Expedia.

It has soared more than 50 percent in just a week and is up from a 2017 low of $752 in mid-January.

Analysts have put the surge down to growing acceptance among traditional investors and a decision by US regulators to allow Bitcoin futures to trade on major exchanges.

But some, including the US Federal Reserve, have warned against dabbling in Bitcoin as it could threaten financial stability, and fears of a bubble have increased as the price has soared.

Until now it has only been traded on specialist platforms, but will debut on Cboe Futures Exchange this weekend before hitting the major Chicago Mercantile Exchange (CME) on December 18.

- 'Hiccup' fears -

However major derivatives brokerages have raised concerns with regulators that the decision to allow it into mainstream markets been taken too hastily, and analysts are warning any hitch with its launch could spell trouble.

"If there are any kind of hiccups, we could easily see a scenario where it falls back by 50 percent," Kay Van-Petersen, macro and crypto strategist with Saxo Bank in Singapore, told AFP.

But he still expected the currency to keep rising in the long term, predicting its value would hit $50,000 to $100,000 within 18 months.

The nascent Bitcoin industry was meanwhile coming under pressure due to the sudden surge of attention.

Major US online exchange Coinbase temporarily crashed; wallet service Trezor, which stores Bitcoins, reported issues with its servers; while leading exchange Bitfinex said it had been hit by a cyberattack.

Worries about the digital currency's vulnerability to theft were highlighted again this week when NiceHash marketplace -- which pairs those with spare computing power with those wanting to create new coins -- said it was investigating a security breach that had resulted in the theft of Bitcoins.

Bitcoin transactions happen when heavily encrypted codes are passed across a computer network.

Bitcoin and other virtual currencies use blockchain, which records transactions that are updated in real time on an online ledger and maintained by a network of computers.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bitcoin plunges 15 in wild trading bitcoin plunges 15 in wild trading

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bitcoin plunges 15 in wild trading bitcoin plunges 15 in wild trading

 



GMT 09:16 2017 Wednesday ,13 December

Cape wearing tips

GMT 20:49 2017 Monday ,21 August

South Asia floods claim more than 750 lives

GMT 19:06 2016 Saturday ,10 December

IOF Close Al-Nabi Saleh Village's Entrance

GMT 18:01 2017 Wednesday ,22 February

Abu Sayyaf ‘likely’ behind Vietnam freighter attack

GMT 06:41 2017 Sunday ,03 December

Hamas threatens 'intifada' over US moves on Jerusalem

GMT 16:17 2017 Saturday ,21 January

BMW 7 series crosses 5,000 unit mark in 2016

GMT 12:17 2016 Wednesday ,24 February

United Technologies nixes Honeywell merger

GMT 23:37 2017 Monday ,31 July

Saudi Arabia sanctions Hezbollah member

GMT 05:45 2018 Saturday ,29 September

Abdullah bin Zayed hosts official reception in New York

GMT 04:12 2018 Friday ,12 January

Saudi-led coalition says Yemen rebels threat

GMT 11:18 2014 Monday ,22 December

Richard Ward adds to The Chelsea Collection

GMT 21:20 2017 Monday ,06 February

UN resumes food air drops in Deir Ezzor

GMT 22:24 2017 Friday ,15 December

HRH Premier thanked by Cambodian counterpart

GMT 02:11 2017 Monday ,23 October

Oct24/Nov22

GMT 21:31 2017 Monday ,11 December

HM King congratulates Burkinabe President

GMT 20:22 2017 Monday ,23 October

EU deplores attack against police
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday