Bitcoin Wildness Highlights Worries as Futures Trading Nears
- Price zooms up to almost $20,000 on Coinbase, then crashes
- Big traders warned that futures have been rushed to market
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Bitcoin’s poised to go legit. Is it really ready?
Three days before Cboe Global Markets Inc., one of the world’s biggest regulated exchanges, debuts futures on the cryptocurrency, it had one of its wildest sessions ever. On Coinbase Inc.’s GDAX exchange, prices zoomed up to almost $20,000 from $16,000 in only about 90 minutes -- then crashed back down. The largest digital currency is still up more than 16-fold this year, trading at 16,126.32 as of 11:52 a.m. in Hong Kong, according to Bloomberg composite pricing.