BITCOIN DROPS ABOUT $3,000 IN A FLASH AS VOLATILITY INCREASES

Fri 29 October 2021:

During mid-afternoon trade, Bitcoin’s wild price changes continued, with the largest cryptocurrency plummeting lower by roughly $3,000 in a couple of seconds, Bloomberg reported.

The sharp price drop followed a similar pattern seen on Wednesday, when Bitcoin fell sharply in early trade for no apparent cause.

The digital asset, which has traded within a range of about 8 percent Thursday, bounded back to recoup all of the move and was up about 4.7 percent to $61,682 as of 4:20 p.m. in New York.

Bitcoin is notorious for its price gyrations, with traders often grasping for reasons behind the moves. Most point to the low level of liquidity in the little more than a decade-old asset class. Crypto Twitter was quick to acknowledge and downplay the move.

On Oct. 20, Bitcoin reached a new high of $66,976 and has more than doubled in value this year.

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