Bitcoin plunges more than $3,000 after hitting brand-new record

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Bitcoin has been on a wild ride This specific year. Its cost has soared coming from less than $1,000 in January — although with occasional sudden drops along the way.

Trading has become especially frenzied in recent weeks as brand-new investors have dived into the volatile market. Before Friday’s fall, the item had gained roughly $5,000 inside previous 48 hours.

Related: I bought $250 in bitcoin. Here’s what I learned

Arthur Hayes, CEO of Hong Kong-based bitcoin exchange Bitmex, said he thought the sharp correction Friday was “healthy” given that will the digital currency’s cost had jumped about 80% the past week.

He predicted more sharp moves early next week when the Chicago Board Options Exchange starts allowing investors to trade bitcoin futures.

By Friday evening in Hong Kong, bitcoin was trading at around $15,000.

Bitcoin’s extraordinary boom has raised a host of questions. Here are some of the major issues:

How do you buy bitcoin?

One of our reporters used his experience of buying $250 of bitcoin recently to explore what on earth can be going on with the digital currency right today.

Related: I bought $250 in bitcoin. Here’s what I learned

“the item’s an investing frenzy, plain along with simple,” he wrote.

Where's the skepticism as bitcoin keeps soaring?

can be the item safe?

The online exchanges where many people trade bitcoin along with various other digital currencies have a checkered history.

Are you trading Bitcoin? We want to hear coming from you.

Some have gone bust altogether along with others have suffered cyber heists in which hackers have made off with huge sums. The latest example can be digital currency site NiceHash, where bitcoins worth more than $70 million were stolen This specific week.

What does Wall Street make of the item?

One factor driving bitcoin’s cost higher along with higher in recent weeks can be the expectation that will big financial players like hedge funds along with asset managers are set to wade into the market. that will’s been supported by established exchanges inside U.S. saying they’re planning to let investors trade bitcoin futures soon.

Related: Big banks say bitcoin futures could be dangerous

although big banks — who have a complicated relationship with digital currencies — have issued a warning about the dangers of bitcoin futures, saying the risks haven’t been properly studied.

Beware of bitcoin's bite: Richard Quest

What does the future hold?

An environmental crisis can be looming if bitcoin continues on its current trajectory, some experts say. The complex computer algorithms that will underpin bitcoin require huge data centers that will guzzle power.

Related: Bitcoin boom may be a disaster for the environment

One observer predicts that will without a significant change in how transactions are processed, bitcoin could be consuming enough electricity to power the U.S. by the middle of 2019. Six months later, that will demand could equal the entire world’s power consumption.

— Daniel Shane contributed to This specific report.

sy88pgw (Hong Kong) First published December 8, 2017: 2:39 AM ET


Bitcoin plunges more than $3,000 after hitting brand-new record

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