Bitcoin's rollercoaster ride after hitting $17,000 mark before plunging more than $2,500

Bitcoin continued its rollercoaster ride on Friday, briefly crossing the $17,000 (£12,615) mark before plunging more than $2,500.

 

The digital currency breached new highs before falling below $14,500, down 14% on the day according to Coindesk.com.


Bitcoin had soared about 70% this week, with its dramatic rise being likened to a "charging train with no brakes".


As concerns mount, an industry group has warned plans to start Bitcoin futures trading have been "rushed".


Critics have said Bitcoin is going through a bubble similar to the dotcom boom, but others argue it is rising in price because it is crossing into the financial mainstream.

 

"Bitcoin now seems like a charging train with no brakes," said Shane Chanel, from Sydney-based ASR Wealth Advisers.





BBC       News.