Money Bitcoin plunges $2,000 after wild record ride past $11,000

00:17  01 december  2017
00:17  01 december  2017 Source:   bloomberg.com

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Hours after surging past $ 11 , 000 , bitcoin tumbled almost 20 percent from the high, wiping more than $ 2 , 000 from its price in five hours. It traded at ,340 as of 2 :52 p.m. in New York.

Hours after surging past $ 11 , 000 , bitcoin tumbled almost 20 percent from the high, wiping more than $ 2 , 000 from its price in five hours. It traded at ,340 as of 2 :52 p.m. in New York.

 © Provided by Bloomberg LP Hours after surging past $11,000, bitcoin tumbled almost 20 percent from the high, wiping more than $2,000 from its price in five hours. It traded at $9,340 as of 2:52 p.m. in New York.

The heaviest selling came amid reports of service outages and delays on some of the largest online exchanges. The cryptocurrency had rallied 20 percent in just four days, topping $10,000 for the first time earlier this week in a runup that drew increased warnings it was in a bubble. Bitcoin ended September at $4,171.25.

“After doubling in such a short period of time, people are taking profits,” said David Mondrus, chief executive of Trive, a blockchain-based research platform. “Issues in the exchanges add to it without a doubt. When you have a lack of ability to exit, then people dump in order to exit faster.”

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Previous Post: Bitcoin plunges $ 2 , 000 after wild record ride past $ 11 , 000 .

Hours after surging past $ 11 , 000 , bitcoin tumbled almost 20 percent from the high, wiping more than $ 2 , 000 from its price in five hours. It traded at ,340 as of 2 :52 p.m. in New York.

While not uncommon, outages at online exchanges have earlier led to selloffs in cryptocurrencies. Coinbase, one of the biggest platforms, earlier tweeted traffic was at an all-time high after bitcoin surged to a record $11,434 at 9:11 a.m. in Bloomberg composite pricing.

The cryptocurrency is extremely volatile and susceptible to major dips -- it’s fallen by at least 25 percent on three separate occasions in 2017 already.


Bitcoin exchange NiceHash robbed of $64 million from its wallet .
As the value of Bitcoin soars, it also turns holders of large volumes of the currency into prime targets for thieves. For those keeping score, that’s about 4,700 BTC, each worth about $13,617 at the time of the breach.

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