Bitcoin Retreats After Spiking to New $17K High

December 8, 2017 8:33 pm Published by
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Bitcoin prices tanked after Friday morning’s record spike to $17,000, according to CoinDesk.

CoinDesk’s Bitcoin Price Index (BPI) had the cryptocurrency rising to $17,153.94 at 1:59 UTC, but it soon took a sharp downtown and was last trading at $14,794, more than $2,500 less than yesterday’s high.

Bitcoin has appreciated almost 150 percent over the last five weeks due to intense speculation that a move to the mainstream financial industry was inevitable through a futures contracts market and would have increased demand for the cryptocurrency.

CoinDesk also reported that the world’s largest investment banks believe that the financial system is not prepared for the launch of bitcoin futures and called for a postponement of the listings.

Current trends hint that the markets may be heeding those warnings as the sell-off picked up the pace on Friday and BTC is now down over 12 percent for the session according to CoinDesk’s BPI.

The price chart also indicates that the likelihood for a technical correction to be issued has increased over the last 24 hours., Maureen Foody

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