Bitcoin plunges $3,000 in less than 24 hours, showing its volatility once again.
Bitcoin cratered Thursday, living up to its volatile reputation after hitting a 17-month high a day earlier.
had rallied to a high of $13,485.85 Wednesday afternoon, its highest price since January 2018, according to industry site CoinDesk. It then fell sharply after U.S. markets closed. The cryptocurrency was trading around $10,823 by 3:30 p.m. ET.popular cryptocurrency trading platform Coinbase. A Coinbase spokesperson told CNBC the site was down "for a short period of time due to high volume.
"The presence of leverage exacerbates the moves in both directions and affects the speed dramatically," Moro told CNBC. "Of course bitcoin has a history of doing this , but it's hard to call the magnitude of the move healthy." Bitcoin has been marked by volatility in its 10-year existence. That and its high transaction costs have largely kept it from being used as an everyday payment method. Instead, it's seen by some backers as a store of value, or "digital gold." That global hedge use-case seemed unlikely in 2018 after it ended the year down more than 73 percent. But some are attributing its more than 200% gains this year to its use as an uncorrelated hedge against global tension and the U.S.
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