At the start of the year, Simon Lang was about $1,000 in the hole on his initial Bitcoin investment. But as the price of the digital currency ballooned to an all-time high of $266 last week, Lang found himself $60,000 richer.
But that didn't last very long.
As Bitcoin prices tumbled to around $50 earlier this week, the value of his stake shrank to about $11,000.
"I was surprised at how fast the price went MOREHibah Yousuf - Apr 18, 2013 6:43 AM ET
It may be the beginning of the end for the Bitcoin bubble. The price of the virtual currency, which has increased almost 20-fold this year, plunged 60% Wednesday in the span of just five hours.
Bitcoin prices hit a high of $266 earlier in the day before dropping as low as $105 in choppy afternoon trading. It later bounced back to about $145, but that's still about 45% below the high.
The currency, MOREHibah Yousuf - Apr 10, 2013 4:17 PM ET
Wall Street is turning its back on gold.
Both Goldman Sachs and Deutsche Bank lowered their year-end forecast for the precious metal this week, citing an improving U.S. economy.
Goldman slashed its target to $1,545 per ounce for 2013, down from its previously estimate of $1,610. The bank also lowered its outlook for 2014 to $1,350 an ounce, down from an earlier forecast of $1,490.
Meanwhile, Deutsche Bank reduced its year-end forecast MOREHibah Yousuf - Apr 10, 2013 2:06 PM ET
KPMG has resigned as auditor of Herbalife and Skechers after learning that a senior partner in its Los Angeles office had allegedly provided insider information about the companies to an outside party, who traded on the information.
KPMG declined to comment about the companies' identities. Both Herbalife and Skechers confirmed the news in statements.
Shares of Herbalife (HLF), which had been halted since just before the market opened, slid MOREHibah Yousuf - Apr 9, 2013 3:45 PM ET
First Solar shares spiked more than 50% Tuesday, rising to a new 52-week high and triggering several circuit breaker on the way up after the company issued a bullish forecast for the year.
The solar panel maker said it expects to earn between $4 and $4.50 per share, with annual sales between $3.8 billion and $4 billion. The guidance was well above analysts forecasts. Those polled by Thomson Reuters have been MOREHibah Yousuf - Apr 9, 2013 3:31 PM ET
First there was Tulip Mania. Then there was the dotcom craze. And let's not forget the run-up in housing prices. The newest bubble on the block is in Bitcoins, a 4-year-old virtual currency that has already increased ten-fold this year. And like all other bubbles, this probably won't end well for any investors who jump in way too late.
Prices have nearly doubled during the past two weeks, and show no MOREHibah Yousuf - Apr 5, 2013 6:52 AM ET
Netflix CEO Reed Hastings caused a stir last year after he revealed that Netflix's monthly online viewing had exceeded one billion hours on his Facebook page instead of a press release or public filing. That raised concerns about whether social media posts were in compliance with the Securities and Exchange Commission's Regulation Fair Disclosure (Regulation FD) rules.
But following an investigation prompted by Hastings' post, the SEC has decided it's MOREHibah Yousuf - Apr 2, 2013 4:24 PM ET
It's been a week of ups and downs in the U.S. stock market, as investors have been watching developments in Europe while digesting mostly positive news in the United States.
With all eyes focused on Cyprus, U.S. stocks have taken a pause from the rally that has been underway since early November. The Dow has been bouncing around 14,500 while the S&P 500 has been drifting between 1,550 and 1,560, MOREHibah Yousuf - Mar 27, 2013 12:41 PM ET
Google added yet another accolade to its impressive performance this year when it landed the top spot in CNNMoney's March Stock Mania tournament Monday.
With 56% of readers' votes, the tech giant beat out Exxon Mobil (XOM), which finished as runner-up for a second year in a row. Last year, Google (GOOG) lost to the oil company in the Final Four of March Stock Mania 2012.
In total, nearly 9,000 votes were cast during the MOREHibah Yousuf - Mar 25, 2013 3:43 PM ET
The Securities and Exchange Commission approved Nasdaq's plan to pay $62 million to trading firms that incurred losses during Facebook's botched public debut last May.
The four major trading firms -- Knight Capital (KCG), Citadel, Citigroup (C) and UBS (UBS) -- lost a combined $500 million due to technical glitches at the Nasdaq during Facebook's initial public offering.
And while the accommodation plan won't compensate the firms in full, the SEC said it MOREHibah Yousuf - Mar 25, 2013 12:32 PM ET
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