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A $1,800 Drop in Minutes: Bitcoin Volatility on Full Display

  • Cryptocurrency markets are retracing steps from the last rally
  • Analysts say influx of newbie traders likely limited this time
Bloomberg business news
Here's Why Bitcoin Might Be About to Make New Highs
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This week’s jump in Bitcoin prices revived themes well known to the digital currency that inflated then burst less than two years ago. Among them: enormous volatility, and exchange overloads.

Bitcoin soared as much as 39% this week to $13,852, the highest since January 2018. But it hit a brick wall around 4:30 p.m. New York time Wednesday, plunging more than $1,800 within about 10 minutes. Moments later, prominent cryptocurrency exchange Coinbase Inc. reported an outage on its consumer site, which was resolved in under an hour. Swings continued Thursday, with the coin anywhere from down 15% to up 4.8%.