Bitcoin's 8.7% Decline Pales in Comparison to Record RunBy
Bitcoin slumped by as much as $1,495 after a record-breaking few days that saw the digital currency move closer to the mainstream through the introduction of futures.
Today’s drop did trigger a volatility halt at Cboe, with futures trading paused for two minutes starting at 1:39 p.m. New York time. To calm wild swings, Cboe Global Markets Inc. can halt trading when the futures rise or fall 10 percent.
The price of the largest cryptocurrency by market value fell 4.9 percent to $16,395 at 2:02 p.m. in New York, after dropping much 8.7 percent, according to prices compiled on Bloomberg. That’s in line with Monday’s gain of 9.6 percent and minor in comparison to last Thursday’s 20 percent surge. Bitcoin is still up about 16-fold this year.