Bitcoin experts remain bullish on the currency.
“When any asset climbs in price this fast for an extended period of time I become cautious, and I’d urge anyone trading BTC to not get caught up in the euphoria,” said Nicholas Pelecanos, head of trading at cryptocurrency firm NEM, who nevertheless predicts bitcoin could rise to $50,000 by Valentine’s Day. “I believe we are just at the beginning of what will be an immense bull market.”
Due to the currency’s decentralized and nearly anonymous nature, it can be hard to get money returned after losing it in a scam, as there is no central authority — such as a bank — to intervene. Decentralization has made cryptocurrency a favorite for scammers, even as it appeals to technologists and investors alike.
CNN’s Paul R. La Monica contributed to this report.