Bitcoin is back: The cryptocurrency is nearing $7,000 again

Courtney Goldsmith
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Bitcoin Cryptocurrency Is Booming
Bitcoin is headed back up (Source: Getty)

Bitcoin prices resumed their recovery today, edging closer to the $7,000 level after a period of high volatility over the weekend.

The cryptocurrency first smashed the $7,000 mark at the beginning of the month, and it proceeded to climb to a record high of more than $7,800 just last week. However, over the weekend, prices plunged to around $5,600 amid a debate over a new split in bitcoin's underlying technology, wiping off almost a quarter of its value.

At the time of writing, prices were back up 5.6 per cent at $6,968.06, according to Coindesk's aggregate price index.

Bitcoin has made a stunning rise in 2017 from just under $1,000 at the beginning of the year. The rapid rise in price has brought it newfound mainstream attention, but despite increasing awareness, a study yesterday revealed most people still don't want to invest in it, and nearly a third of people think its price will soon go crashing back down.

Financial institutions are also starting to come out against the decentralised currency, with the Financial Conduct Authority (FCA) yesterday warning of the dangers of investing in cryptocurrency contracts for difference, calling the investments "extremely high-risk, speculative products".

Despite increased scrutiny, some are still taking the dive into cryptocurrencies. At the end of last month, CME Group announced plans to launch bitcoin futures by the end of the year.

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