Futures Launch Weighed on Bitcoin’s Price, Say Fed Researchers
Researchers from the U.S. Federal Reserve Bank believe that the launch of bitcoin futures played a role in bitcoin's recent price slump.
Crossing below the $9,000 price level is a new low for February 2020. Bitcoin has not traded below the $9,000 threshold since January 27, when it began a march to new highs in the $10,500 range.
For skeptics and traditional market investors, bitcoin is synonymous with extreme bouts of price volatility. However, in recent times, oil has become a relatively risky asset.
The price of bitcoin broke above $9,000 on a bullish run at 9:00 UTC (4:00 a.m. EST).
Bitcoin, like gold, is a limited asset that can't be easily increased to meet demand. Bloomberg analysts predict the price of both will rise this year.
Crypto exchange WEX, formerly known as BTC-e, saw its BTC/USD market spike to nearly $9,000 on Wednesday.