Bitcoin soars then falls back; banks raise risk concerns

NEW YORK (AP) — The price of bitcoin swung wildly Thursday, rising to more than $19,000 only to fall sharply within minutes, as the frenzy surrounding the virtual currency escalated just days before it starts trading on a major U.S. exchange.

The frenzy even has parts of Wall Street concerned. A group of banks came out and complained that federal regulators approved bitcoin futures, which begin trading on Sunday, too quickly and without properly considering the inherent risks in the virtual currency.

At 1:05 p.m. EST, Bitcoin was valued at $16,825, according to Coinbase, after briefly surging above $19,000 Thursday morning. At the start of the year, one bitcoin was worth less than $1,000.