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Saturday, June 17, 2017

Bitcoin storms back

Bitcoin storms back

Bitcoin has come all the way back from Thursday's steep slide. The cryptocurrency tumbled as much as 18.5% to $2,076 a coin after riskier assets fell following the Fed rate hike. On Friday, it's trading up 3.5% at $2,520.


The selling on Thursday began when bitcoin-mining firm Bitmain outlined its "contingency plan." Coindeskexplained it best: "Most notably, the proposal would dedicate mining resources to hard forking the network to a rule set with a larger block size - an upgrade that would likely result in two bitcoin networks and two tradable bitcoin assets."


Riskier assets were already feeling some heat after the Federal Reserve raised its benchmark interest rate 25 basis points to a range of 1% to 1.25% on Wednesday.


The writing had been on the wall. Bitcoin gained about 180% from the beginning of April through the middle of June. That run prompted tech billionaire Mark Cuban to call bitcoin a "bubble."


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