Bitcoin dips below $11,000 after reaching record high of $11,800

Bitcoin dipped below $11,000 today after reaching record high of nearly $11,800 yesterday. This is a stark contrast to the $1,000 value Bitcoin started 2017 with.

It was not clear what caused the rise other than an increase in the number of investors joining the market over the past few weeks.

Analysts said Friday’s announcement by the main U.S. derivatives regulator that it would allow CME Group Inc and CBOE Global Markets to list Bitcoin futures contracts had turned sentiment positive after a choppy week.

“The price rises are triggered by continued media interest driven by the expectation of futures trading on CME,” Charles Hayter, founder of data analysis website Cryptocompare, said.

By 1310 GMT today, Bitcoin had slipped back to around $10,919, down 2% on the day but still up more than 100% over the past three weeks. Yesterday’s high marked a 1,121% increase since the start of the year.

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Author: Becki Leighton from trading.co.uk

*Quotes sourced from Reuters