Bitcoin continues to give its investors an exciting ride. This week, it is reduced by about a third from a record high of just under $ 20,000.
So far, the Friday, by only, has lost 14% of its value, falling to $13,419, according to the Coindesk exchange web site.
This puts it on track for its worst week since 2013.
Regardless, overall the currency has had an incredible journey. And ‘ started the 2017 trading at $1,000.
Charles Hayter, the founder and chief executive of the industry web site Cryptocompare, said: “A manic upward swing led by the herd will be followed by a phase of recession as the emotional feeling changes.”
He said a lot of traders would have been cashing in on the spectacular progress made in the course of the year.
Is Asia help the Bitcoin mania?
What is Bitcoin?
Be ready to lose your money’
The last few weeks have seen gain some legitimacy after the two major exchanges in the UNITED states began in the trading of futures contracts backed by Bitcoin.
This allows investors to bet on where they expect the price of Bitcoin to be at some point in the future.
In the meantime, however, the regulatory authorities around the world have intensified their warnings about its provenance as an investment.
Its origins are barely understood, its volatility is extreme, its use as a currency is limited, and it is clear attractions to money launderers and criminals.
One of this week’s most striking comments is from Denmark, the governor of the central bank, which called him a “deadly” game of chance.