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Bitcoin Recovers Some Losses After Its Worst Week Since 2013

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FILE PHOTO: A view of Ducatus cafe, the first cashless cafe that accepts cryptocurrencies such as Bitcoin, on their opening day in Singapore December 21, 2017. REUTERS/Edgar Su/File Photo

The following is an excerpt from Vidya Ranganathan, Lisa Twaronite, Richard Leong | December 26, 2017 | reuters.com |

SINGAPORE/TOKYO/NEW YORK (Reuters) - Bitcoin rose 15 percent on Tuesday, recouping about half of the losses it sustained last week, its worst since 2013, as investors who had missed out on earlier rallies bought the world’s biggest and best-known digital currency.

While bitcoin investors and analysts believe last week’s decline in its value was a natural correction after a heady run-up in prices, there have been further warnings from market regulators and central banks.

Bitcoin fell nearly 30 percent at one stage on Friday to $11,159.93. At 3:09 p.m. (2009 GMT) on Tuesday, bitcoin was up 15 percent at $16,030 in light trading on the Luxembourg-based Bitstamp exchange.

“The latest price move shows bitcoin is still a speculative investment. There is enormous amount of volatility there,” said Kristina Hooper, chief global market strategist with Invesco in New York.

For more visit: reuters.com

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