Bitcoin is getting pounded after a wild week of gains

  • Bitcoin drops sharply after four days of massive gains.
  • Price falls by around 14% by late-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 $15,000 during morning trade in Europe 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 14% during the current trading period to trade at $14,477 per coin as of around 11.25 a.m. GMT (6.25 a.m. ET), as the chart below shows:

Screen Shot 2017 12 08 at 11.26.04Markets Insider

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 contractsthat 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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Bitcoin is getting pounded after a wild week of gains

Bitcoin drops sharply after four days of…

Source

http://www.businessinsider.com/bitcoin-is-finally-falling-friday-december-8-2017-12

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