20,000 set at the start of bitcoin fx rate week. 14,499 but fell as much as 14. 19,666 on Sunday in the lead up to exchange giant CME Group’s launch of its bitcoin futures.
It has since lost about a third of its value. Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers in Sydney. A lot of the capital is flowing from bitcoin into alternative coins. Chanel at ASR Wealth Advisers said. Verge and Ripple are among an array of cryptocurrencies that both emulate and compete with bitcoin. Stephen Innes, head of trading in Asia-Pacific for retail FX broker Oanda in Singapore, said that there have also been moves out of bitcoin into Bitcoin Cash, a clone of the original cryptocurrency.
Oanda does not handle trading in bitcoin. Bitcoin is known to go through wild swings. Takashi Hiroki, chief strategist at Monex Securities in Tokyo. Unlike equities and bonds, it is not possible to calculate expected returns on bitcoin, so buying it becomes a gamble rather than an investment. While CME and its rival Cboe Global Markets move to list bitcoin futures has given the digital currency some perceived legitimacy, some policymakers remain skeptical.
South Korea’s Financial Supervisory Service said on Tuesday it does not consider bitcoin and other cryptocurrencies to be currencies of any kind. Japanese Finance Minister Taro Aso said on Tuesday that bitcoin had not been proven as a credible currency. Sign Up for Our Newsletters Sign up now to receive FORTUNE’s best content, special offers, and much more. Fortune may receive compensation for some links to products and services on this website. Offers may be subject to change without notice. Quotes delayed at least 15 minutes.