The Bitcoin price (BTC/USD) has edged lower in rocky Friday trading session, marked by frequent price swings.
The original cryptocurrency and most major altcoins suffered a heavy blow yesterday, following a report that the US Department of Justice (DoJ) had launched a probe into whether traders were manipulating prices of certain cryptocurrencies. Citing unnamed sources familiar with the matter, the report by Bloomberg said that the Justice Department was working with the US Commodity Futures Trading Commission (CFTC) to investigate illegal practices such as spoofing and was trading, and that Bitcoin and Ethereum (ETH) were among the digital coins examined by the prosecutors.
The Bitcoin price experienced a steep decline in yesterday’s late morning trading, falling to a near six-week low of $7,331.14. However, the cryptocurrency saw a strong rebound in the afternoon, which allowed to fully-recover its earlier losses. The digital currency finished the day at $7,587.34, slightly up from its opening price of $7,561.12.
Following up on yesterday’s positive finish, Bitcoin continued to rise in the early hours of today’s trading. The advance was far from steady, however, with the digital currency experiencing multiple price swings while approaching $7,659.14, its highest price level so far today. At that point the cryptocurrency saw another sharp drop, promptly sending its price to an intraday low of $7,426.63. While the coin has edged higher in more recent trading, it remains well below its yesterday close.
In today’s trading, the Bitcoin price stood at $7,469.88, as of 10:21 BST. The digital currency has gained 0.3% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $127.4 billion, which represents 38.2% of the total value of all digital currencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.