It's been a wild ride for bitcoin investors in the last week. The news that the CME Group would launch a futures contract on the first and most highly valued cryptocurrency in the market sent the price of each bitcoin flying to a record high of $7,879 last week — more than 10 times its price of just a year ago.
On Wednesday, however, sentiment reversed sharply, as a plan to make the bitcoin network more practical for users fell apart. It was reason enough for scores of hedge funds now trading the digital currency to take some profits. Bitcoin was down 30 percent by Saturday.
"Bitcoin [and other cryptocurrencies] are not for the faint of heart," said Ian Weinberg, CEO of Family Wealth & Pension Management. "I expect a lot more upside and downside volatility.
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