Cryptocurrency’s year-end rally fails as its investors are ‘finally introduced to the law of financial gravity’
Bitcoin lost more than a quarter of its value on Friday as an analyst warned that investors in the cryptocurrency had finally been introduced to the law of financial gravity.
In the latest illustration of bitcoin’s volatility, it slumped to below $11,500 at one point on Friday – touching $11,159 – having started the week at a record high close to $20,000 and in its biggest weekly fall since 2013. However, by 5pm London time it was trading at $12,800 as the currency endured a see-saw day.