STREAMING NOW: Watch Now

A warning about bitcoin's wild price swings

The person atop one of cryptocurrency's most popular exchanges pleaded with people to invest responsibly.In a ...

Posted: Dec 11, 2017 5:15 AM
Updated: Dec 11, 2017 5:15 AM

The person atop one of cryptocurrency's most popular exchanges pleaded with people to invest responsibly.

In a blog post on his site, Coinbase CEO Brian Armstrong sought to "remind customers of some of the risks associated with trading digital currency" -- which include wild price swings.

The price of a single bitcoin soared this week from under $10,000 to more than $17,000 before slumping back down to around $15,000, according to data from CoinDesk, which values bitcoin based on data from four exchanges, including Coinbase.

On Coinbase's exchange the price soared past $18,000 at one point.

Armstrong warned in his post on Thursday that the increased interest in cryptocurrencies, which was punctuated by a stunning bitcoin rally earlier this week, has led to "extreme volatility and stress on our systems."

Related: What's driving the bitcoin frenzy?

During the frenzy, Coinbase's valuation was consistently higher than the CoinDesk index -- at one point by a $2,000 margin. Even Saturday afternoon, Coinbase listed the price of a bitcoin around $15,000, while the CoinDesk hovered around $14,700.

Bitcoin's rise is mind-boggling considering just one year ago it traded for less than $800. At one point in 2011, it traded for about three bucks, according to CoinDesk.

Its stunning ascent was driven in large part by increasing attention from mainstream investors. And bitcoin's valuation has continued to balloon -- with a few sharp dips -- despite a smattering of warnings from top economists and business leaders.

Beginning Sunday, investors will be able to trade bitcoin futures via the Chicago Board Options Exchange. And they'll debut on the Chicago Mercantile Exchange a week later.

--CNNMoney's Jethro Mullen contributed to this report.

Oregon Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 30342

Reported Deaths: 521
CountyConfirmedDeaths
Multnomah6743129
Marion438789
Washington424158
Umatilla289541
Clackamas222661
Malheur149023
Jackson10213
Lane93314
Deschutes74612
Yamhill72614
Jefferson5058
Polk49315
Morrow4845
Lincoln47013
Linn45413
Union4352
Klamath2692
Benton2516
Hood River2410
Wasco2333
Douglas2003
Josephine1802
Columbia1481
Coos1360
Clatsop1090
Baker902
Crook601
Tillamook480
Lake290
Wallowa281
Curry260
Sherman180
Harney120
Grant80
Gilliam70
Unassigned00
Wheeler00
Eugene
Broken Clouds
73° wxIcon
Hi: 69° Lo: 50°
Feels Like: 73°
Corvallis
Clear
69° wxIcon
Hi: 72° Lo: 50°
Feels Like: 69°
Roseburg
Clear
76° wxIcon
Hi: 74° Lo: 54°
Feels Like: 76°
North Bend
Clear
64° wxIcon
Hi: 67° Lo: 54°
Feels Like: 64°
KEZI Radar
KEZI Temperatures
KEZI Planner

LATEST FORECAST

Community Events