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Bitcoin briefly drops 15% in rocky weekend on controversy over the digital currency's future



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Added 11-12-17 04:02:02pm EST - “High volatility isn't going away for bitcoin, raising questions about whether the digital currency can be a sustainable investment asset.” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “Bitcoin briefly drops 15% in rocky weekend on controversy over the digital currency's future”. Below is an excerpt from the article.

High volatility isn't going away for bitcoin, raising questions about whether the digital currency can be a sustainable investment asset.

Late Saturday, the crypto-currency plunged 15 percent from nearly $6,500 to a low of $5,507, before intermittently shooting back up to near $6,400, according to CoinDesk. Bitcoin last traded near $6,060, down about 4 percent on the day.

Trading in a U.S. stock index is typically halted after such an extreme drop, not to mention repeated swings higher or lower. However, more than 120 "cryptofunds" have emerged to invest in bitcoin, other digital currencies and related business projects, according to financial research firm Autonomous Next.

Analysts say a major factor behind bitcoin's seven-fold surge to record highs this year is increased interest from institutional developers.

Critically, the latest swings in bitcoin also reflect disagreement among digital currency developers about the future of bitcoin. As the original bitcoin tumbled, supporters of offshoot bitcoin cash, took to promoting it over the weekend on Twitter.

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