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Mood swings: After dramatic gains, bitcoin tumbles 20% in 10 hours

As of 1320 GMT it had recovered to around $14,400, still down 13 per cent on the day

Reuters  |  London/Tokyo 

Bitcoin lost almost a fifth of its value in 10 hours on Friday, having surged more than 40 per cent in the preceding 48 hours, sparking fears the market may be heading for a price collapse. In a hectic day on Thursday, bitcoin leapt from below $16,000 to $19,500 in less than an hour on the US-based GDAX, one of the biggest exchanges globally, while it was still changing hands at about $15,900 on the Luxembourg-based Bitstamp. Having then climbed to $16,666 on Bitstamp at around 0200 GMT on Friday, it tumbled to $13,482 by around 1200 GMT — a slide of more than 19 ...

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First Published: Fri, December 08 2017. 20:01 IST