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Saturday, June 17, 2017

Bitcoin tumbles, erases gains for June

Bitcoin tumbles, erases gains for June

Bitcoin slid to its lowest for the month on Thursday amid a broader sell-off in digital currencies.


Bitcoin briefly dropped more than 12 percent to $2,185.96 Thursday, its lowest since May 31 when it hit a low of $2,162.23, according to CoinDesk. The digital currency recovered to near $2,366 early Thursday afternoon, little changed for June.


"Many investors seem to be using the very recent rally as an opportunity to take some profits while they evaluate the market after the largest spike in price, volume and interest that we have ever seen," said Alex Sunnarborg, research analyst at CoinDesk.


The move highlights the volatile swings by digital currencies — bitcoin remains more than 100 percent higher year to date.


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