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Wednesday, May 24, 2017

Bitcoin plummets $200 in 4 hours then recovers to fresh record in wild trading that serves as a cautionary tale

Bitcoin plummets $200 in 4 hours then recovers to fresh record in wild trading that serves as a cautionary tale

Bitcoin's meteoric rise took a hit overnight as the digital currency erased, then mostly recovered, about $200 in 12 hours.

The swing highlights how volatile the cryptocurrency can still be, even as some investors believe bitcoin can one day be a viable alternative to safety assets such as gold. A similarly rapid move of $200 in futures contracts for the precious metal would have caught the attention of global investors: Gold has traded in a range of about $150 so far this year.

Bitcoin was trading near $2,250 Tuesday as of 1:26 p.m. ET, according to CoinDesk. The digital currency earlier hit a fresh record of $2,291.09, following a drop below $2,100 overnight, the site showed.

Chris Burniske, blockchain products lead at ARK Investment Management, pointed out in a January white paper that bitcoin's daily volatility was about a fifth of what it was five years ago.

Full story at http://cnb.cx/2qjrXDZ

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