Bitcoin slumped 10% on Thursday to a 10-day low of $31 977 as the world’s most popular cryptocurrency continued to retreat from the $42 000 record high hit on 8 January.
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The investigation into a failed South African bitcoin trader is deepening as provisional liquidators appointed to seize control of Mirror Trading International seek to widen the scope of their inquiry.
More big investors are speculating that bitcoin will gain wider acceptance and shake up the financial world, maybe by filling the role of gold as a hedge against inflation better than gold can.
European Central Bank president Christine Lagarde called on Wednesday for global regulation of bitcoin, saying the digital currency had been used for money laundering activities.
The white-knuckle bitcoin ride took another twist on Monday as a two-day tumble in the digital currency stoked concern that the polarising cryptocurrency boom may run out of steam.
Bitcoin jumped more than 5% on Friday to fresh record highs of $41 530, reversing losses from earlier in the session. It has now rallied nearly 1 000% since a low in March.
The total market value of cryptocurrencies surpassed $1-trillion for the first time on Thursday amid a frenzied and volatile rally in bitcoin to yet another record.
Bitcoin jumped to another all-time high on Wednesday, just two days after registering its biggest one-day decline since March.
Bitcoin fell sharply on Monday, losing ground from a record high of $34 800 touched a day earlier, with traders citing volatility in highly leveraged futures markets.
The more utopian scenarios for crypto, whether proponents realise it or not, rely on the notion that crypto remains simultaneously fringe and mainstream. That will be a hard trick to pull off.