Bitcoin’s Price Swings Have Been Especially Crazy in the Last 24 Hours. Here’s Why | Fortune


The last day’s fluctuations in the bitcoin price have been pretty crazy, even by the cryptocurrency’s typically volatile standards.

Having climbed more than $3,000 in a week to clear the $11,000 mark on Wednesday, reaching a high of $11,377, bitcoin suddenly plunged 20% to around $9,290 (prices varied on different exchanges). To spell out precisely how volatile we’re talking here, it lost $1,000 in value in the space of around 10 minutes.

And then it recovered somewhat. At the time of writing on Thursday morning, the price of one bitcoin is bobbing up and down around $10,000.

The fall seems to have coincided with outages and interruptions on major cryptocurrency exchanges, which may well be a function of the spike in trading volume—according to CoinMarketCap, the volume in the last 24 hours has been a stunning $10.5 billion.

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Bitcoin Plunges by 20% Within Hours, Then Partially Recovers | Fortune.