RATE Group | Blow To Bitcoin As Coinfloor CEO Makes Worrying Warning
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Blow To Bitcoin As Coinfloor CEO Makes Worrying Warning

08 Oct Blow To Bitcoin As Coinfloor CEO Makes Worrying Warning

Posted at 08:38h in Bitcoin News by

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Bitcoin, known for its wild price swings, has hit a period of stagnation in recent months after last year’s massive bull run — with bitcoin’s volatility rates sinking to a 17-month low as trading volumes slump.

The bitcoin price has ranged between $6,200 and $6,800 through September as investors eagerly await major cryptocurrency decisions from global regulators and the world’s traditional financial services companies.

Now, it’s been revealed the UK’s oldest bitcoin exchange Coinfloor, launched in 2013, is to slash its staff numbers in a blow to bitcoin as well as London’s blooming bitcoin and cryptocurrency industry.

The Bitcoin Trader application logo is seen on an Apple iPhone in this photo illustration on September 24, 2018. (Photo by Jaap Arriens/NurPhoto via Getty Images)

“[We’ve] seen significant change in trade volume across the market,” Obi Nwosu, chief executive at Coinfloor, warned Financial News.

“Coinfloor is currently undergoing…

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