PBOC warns of bitcoin volatility

Some investors back the virtual currency, others have their doubts

China's financial services authorities required major executives of the Shanghai-based bitcoin trading platform BTCC on Friday to rectify misbehavior in the trading of the virtual currency - and to raise awareness of risks as the value of bitcoins experienced wild fluctuations.

The value of each bitcoin jumped more than 14 percent on Friday, after hitting an all time high of $1,180 on Thursday. The currency's value fluctuated by more than 30 percent within the past two weeks.