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12,000 as steam appeared to be running out of its year-end rally. 12,137, a fall of 36 per cent in five days. 2,000 in the space of 12 hours. It comes after a troubled week for Bitcoin, in which a cryptocurrency exchange went bust in South Korea following a cyber attack, knocking its price. Coinbase, another exchange based in the US, also said it was opening an investigation into sharp price increases. It temporarily halted trading amid a price rout in cryptocurrencies.
In a statement the company said: ‘Investigating. All buys and sells have been temporarily disabled. We are working on a fix and apologize for any inconvenience. Neil Wilson, senior market analyst at ETX Capital, said: ‘Has the bubble finally popped? It’s hard to see the bell tolling just yet. Whilst there have been some hacks, public infighting in the mining community, lots of rumoured forks and regulatory pressure building on some fronts, this is likely to be a simple bout of risk-off selling as investors rebalance towards year-end.
It looks like it’s time to cash in the gains and spend the winnings on a bumper Christmas. But it hasn’t all been bad news this week. Monday, following in the footsteps of the CBOE exchange. US regulators approved futures trading in Bitcoin earlier this month and Goldman Sachs is reportedly gearing up to enter the market.
A Bitcoin ATM machine at Olive’s Caribbean Restaurant, New Cross, south London. JP Morgan boss Jamie Dimon has branded Bitcoin a ‘fraud’, while Christine Lagarde of the International Monetary Fund said ‘it may not be wise to dismiss virtual currencies’. The Treasury has announced plans for closer scrutiny of the cryptocurrency as part of EU-wide plans that will require online platforms that trade in Bitcoin to carry out due diligence on customers and report suspicious transactions. But that has not curbed excitement over its emerging investment opportunities.