Bitcoin's Crazy Increases Now Mirrored by Crazy Drops

Crytopcurrency is having a very bad Friday
By Newser Editors,  Newser Staff
Posted Dec 22, 2017 6:03 AM CST
A Bitcoin logo is shown on a screen of an ATM in Hong Kong.   (AP Photo/Kin Cheung)

(Newser) – All the frenzied headlines about Bitcoin's crazy rise are starting to reverse themselves. "Plunges" and "plummets" are the common verbs Friday morning, with the price of the cryptocurrency falling more than $3,000 to below $13,000 on some exchanges before rebounding a bit, reports CNBC. That's down from a high of $19,000-plus in a week. In fact, the sharp drops triggered temporary halts in trading on two major futures exchanges, CBOE and CME, that recently began working with Bitcoin.

“Has the bubble finally popped? It’s hard to see the bell tolling just yet," an analyst at ETC Capital tells the Guardian. "Large price swings have become so normal that it’s hard to decide." He sees a few factors at play in the year-end drop, including the hack of a major exchange in South Korea and some high-profile public infighting in the Bitcoin community. On the latter point, Bloomberg has details on some "Bitcoin whales" jumping ship.

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