Bitcoin plummets in highly volatile trading

Bitcoin has slumped as much as 21 percent today, as investors also fled from other cryptocurrencies, notes Bloomberg. Bitcoin opened at $15,561, and tumbled to a low of $12,504 before recovering slightly to trade at $13,942 at the time of publication. Ethereum plunged 18 percent, according to CoinMarketCap mirroring Bitcoin’s tumble. Bitcoin has rocketed to dizzying heights after starting the year with a value of less than $800, though the asset remains extremely volatile.

“A frenzied demand for coins with limited supply has now led to unsophisticated investors holding the bag at the top,” Stephen Innes, head of trading for Asia-Pacific at Oanda Corp told Bloomberg. Some people have reportedly mortgaged their homes in order to buy into…

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