December 22, 2017

Has the bitcoin fever broken?
Bitcoin prices plunged sharply to below $11,000 on Friday, shedding a third of its value in just 24 hours, according to data from CoinDesk.com. It later rebounded slightly to around $12,000 -- but that's still a stunning 25% less valuable than bitcoin was Thursday morning.
Prices had approached $20,000 as recently as Sunday.
The price drop comes on the back of a few days of bad news for bitcoin, which has still soared by more than 1,000% since the start of the year.
On Thursday, a bitcoin spinoff called bitcoin cash was suspended from one of the most popular exchanges after possible insider trading.
Meanwhile, the U.S.'s markets regulator halted trading in a red-hot bitcoin stock.
Earlier in the week, a South Korea-based virtual currency exchange was forced to close its doors after falling victim to two attacks by hackers in the space of a few months.
The incidents have raised questions about the reliability of cryptocurrency markets, which aren't regulated by governments or central banks.
But some argue bitcoin is just taking a breather -- albeit a big one -- after a furious 2017.
"A correction like we are witnessing today is hardly surprising," said Dave Chapman, managing director of Hong Kong cryptocurrency trading platform Octagon Strategy.
Amid the turbulence Friday, one of the most popular cryptocurrency exchanges, Coinbase, said buys and sells might be "temporarily offline" due to high traffic.
The plunge threatens to take the shine off what's been an incredible year for bitcoin. This time last year the virtual currency was worth less than $1,000.
The rally has been driven partly by the expectation that more and more mainstream investors will begin trading it.
Earlier in December, two major U.S. financial exchanges launched trading in bitcoin futures, which will help give it more clout with big, institutional investors.
Bitcoin's dizzying ascent has prompted a number of high-profile figures in finance and economics to sound the alarm, cautioning that the currency's boom is simply a huge bubble.
Among them are outgoing Federal Reserve Chairwoman Janet Yellen, who described virtual currencies as "highly speculative."
However, Shane Chanel, an adviser at Australian investment firm ASR Wealth Advisers, thinks investors could start shifting their focus to virtual currencies other than bitcoin over the coming months.
"I feel the cryptocurrency madness is only beginning," he said.
Related Stories
Latest News
Top news around the world
Academy Awards

‘Oppenheimer’ Reigns at Oscars With Seven Wins, Including Best Picture and Director

Get the latest news about the 2024 Oscars, including nominations, winners, predictions and red carpet fashion at 96th Academy Awards

Around the World

Celebrity News

> Latest News in Media

Watch It
Millie Bobby Brown & Jake Bongiovi Celebrate “Three Years of Bliss” Ahead of Wedding
March 24, 2024
C4Ehegcq1-A
Kate Middleton & Prince William "Enormously Touched" by Public Support
March 24, 2024
s8fig-RCjFc
Gisele Bündchen Denies Cheating on Ex-Husband Tom Brady
March 23, 2024
_SpRMagA8BM
Eminem, 50 Cent & Snoop Dogg Present Dr. Dre with a Star on the Walk of Fame
March 19, 2024
4bNLs1hxVp8
Opening Remarks for the Variety Summit October 20th, 2023 Jay Penske
March 18, 2024
c6Z707iLq8E
'Everybody Was S----ing Their Pants': Nick Thune Jokes About Being Born in the '70s and Fatherhood
March 16, 2024
mm7Baf6o2d8
Gunna Says Tour Will Up Creativity in Rap, Endorses Flo Milli | TMZ
March 22, 2024
QfMU24fw-Qo
Reporter Taylor Lorenz Says Palace Botched Kate Cancer News Rollout | TMZ Live
March 22, 2024
o43ZucdiyEo
Riley Strain's Body Found After Going Missing in Nashville 2 Weeks Ago | TMZ NOW
March 22, 2024
1m1zM-4_Cs8
Kyle Richards hasn’t spoken to co-star Dorit Kemsley, denies sending her a ‘manipulative’ text
March 24, 2024
LqLZzDP1hm4
Jordan Emanuel on her connection to 'RHOSLC' star Meredith Marks, advice from Amanda Batula
March 24, 2024
5NPAwlOov1Y
Kate Middleton’s uncle Gary apologizes after slamming ‘fickle’ Meghan Markle in scathing interview
March 24, 2024
JWG9kitALZk
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
20
Mar
CHAMPIONS LEAGUE: Playoffs - Women
SK Brann W - Barcelona W
20
Mar
CHAMPIONS LEAGUE: Playoffs - Women
Hacken W - PSG W
19
Mar
CHAMPIONS LEAGUE: Playoffs - Women
SL Benfica W - Lyon W
19
Mar
CHAMPIONS LEAGUE: Playoffs - Women
Ajax W - Chelsea W
17
Mar
SPAIN: La Liga
Atletico Madrid - Barcelona
17
Mar
ENGLAND: FA Cup
Manchester United - Liverpool
17
Mar
ITALY: Serie A
Inter Milan - Napoli
17
Mar
ENGLAND: Premier League
Brighton - Manchester City
17
Mar
GERMANY: Bundesliga
Borussia Dortmund - Eintracht Frankfurt
17
Mar
ENGLAND: FA Cup
Chelsea - Leicester City
17
Mar
ITALY: Serie A
Roma - Sassuolo
17
Mar
ITALY: Serie A
Verona - AC Milan
17
Mar
ITALY: Serie A
Juventus - Genoa
16
Mar
GERMANY: Bundesliga
Darmstadt - Bayern Munich
16
Mar
ENGLAND: FA Cup
Manchester City - Newcastle United
16
Mar
ENGLAND: Premier League
Fulham - Tottenham Hotspur
16
Mar
SPAIN: La Liga
Osasuna - Real Madrid
13
Mar
CHAMPIONS LEAGUE: 1/8 Final
Atletico Madrid - Inter Milan
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Barcelona - Napoli
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Arsenal - Porto
11
Mar
ENGLAND: Premier League
Chelsea - Newcastle United
10
Mar
ENGLAND: Premier League
Liverpool - Manchester City
10
Mar
SPAIN: La Liga
Real Madrid - Celta Vigo
10
Mar
ENGLAND: Premier League
Aston Villa - Tottenham Hotspur
10
Mar
ITALY: Serie A
Juventus - Atalanta
10
Mar
ITALY: Serie A
Fiorentina - Roma
10
Mar
ITALY: Serie A
AC Milan - Empoli
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.