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Bitcoin’s bumpy ride

BitcoinBitcoin had a bumpy ride last week as its price dived to below $10,000 (€8,162) for the first time on Tuesday before recovering on Thursday.

Trading on Tuesday saw its value slashed in half since its peak in December.

It was the second day Bitcoin’s value fell as speculation mounted that South Korea would crack down on cryptocurrency trading.

Five weeks ago trading in Bitcoin reached a high of $19,800, sparking fears that an asset bubble was forming.

But it rallied by more than 30% on Thursday topping $12,000.

Christopher Keshian, managing partner and co-founder of $APEX Token Fund, said: “The volatility of bitcoin - and other crypto currencies - is an expected, and important, part of the journey to becoming a mature asset class. We expect the volatility to continue throughout 2018 but fundamentally believe that bitcoin is still in a bull market.”

There were other indications that Bitcoin is in the market to stay earlier in the week when wealth advisor deVere Group revealed plans to launch a cryptocurrency trading app. It allows users to store, transfer and exchange five leading cryptocurrencies, including Bitcoin, and will be available within weeks.

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