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Bitcoin Hits Record Just Days After a 29% Plunge

  • Industry grappling with growing number of bitcoin variants
  • Having too many will confuse the general public: Quoine CEO
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Quoine CEO Mike Kayamori discusses the roller coaster prices of bitcoin and the possibility of more cryptocurrencies.(Source: Bloomberg)
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Bitcoin has picked up right where it left off, capping a resurgent week by climbing within a few dollars short of a record $8,000 just days after a plunge of as much as 29 percent from the previous high tested the confidence of advocates of the cryptocurrency.

Bitcoin has gained 17 percent this week, touching a high of $7,997.17 during Asia hours before moving lower in late trading. The rally through Friday came after bitcoin wiped out as much as $38 billion in market capitalization following the cancellation of a technology upgrade known as SegWit2x on Nov. 8.