Sci-tech

Record bitcoin price swings make Coinbase the most popular iPhone app

Record bitcoin price swings make Coinbase the most popular iPhone app”

Since then, the digital currency's price has more than doubled and Coinbase has experienced a surge in new customer signups. At 4:08 p.m. NY time, the cryptocurrency traded at $16,362.99. The price for one Bitcoin went from a grand in the beginning of the year, to about $17,000 on Coinbase's GDAX exchange now, after briefly flirting with $20,000. But like Bitcoin's price, the App Store charts can be volatile, and it dropped to the no. 2 spot on Friday.

And so Armstrong posted a hey-let's-all-just-relax-a-moment message on Medium reminding people that investing is risky and that trading volumes are so high that Coinbase's services might not be able to keep up. "But to think prices are at mania levels where this could suffer a serious crash here... is a bit ridiculous".

Between 5 and 6 a.m. To put that in context, the New York Stock Exchange sees $50 billion worth of shares change hands on its venue during an average trading day.

Bitcoin's impressive 70% rally this week culminated in sharp reversal as investors appeared to take profit on the digital currency ahead of the launch of bitcoin futures on Sunday. Some market participants believe, however, that the launch of futures paves the way for bitcoin to become an established asset class, which would spur institutional demand. Bitcoin has risen in value faster than nearly any other financial instrument we've seen.

At the time of writing Bitcoin is fetching US$16,875 according to Coinbase. The Tokyo-based digital currency exchange is the largest in the world by trading volume and announced last week it received a "BitLicense" to operate in NY.

Bitcoin has jumped past the $16,000 mark as of this morning, rising more than 25 percent in the last 24 hours. JPMorgan Chase Jamie Dimon has called bitcoin a "fraud". Digital currency investor and former Fortress hedge fund manager Michael Novogratz also said last week that cryptocurrencies like bitcoin are "going to be the biggest bubble of our lifetimes".



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