Bitcoin Storms Back From Dip Below $10,000 in White-Knuckle Ride
Bitcoin’s wild start to 2018 turned breakneck on Wednesday, with the largest cryptocurrency plunging below $10,000 for the first time in six weeks before staging a rally to trade virtually unchanged.
The gyrations took the digital token across a trading range of more than $2,600 over 18 hours. Its tumble to a low of $9,186 pushed a monthlong rout past 50 percent and raised the specter that last year’s 1,400 percent rally was giving way to what many considered an inevitable bursting of the bubble.
Bitcoin rebounded $1,600 in the next four hours to trade at $10,780 as of 3:44 p.m. in New York, according to consolidated pricing data collated by Bloomberg.