Bitcoin recovers from sudden sell-off as large swings persist

Cryptocurrency fell to $9,000 shortly after breaching $11,000 mark

(FILES) This June 17, 2014 file photo taken in Washington, DC shows bitcoin medals. 
Bitcoin surged above $11,000 for the first time on November 29, 2017 as it extends a stratospheric rise that has delighted investors but sparked fears of a bubble.The virtual currency achieved its first landmark of a historic day early in the Asian trading session, breaching $10,000 for the first time, according to Bloomberg News figures. 
 / AFP PHOTO / KAREN BLEIER
Beta V.1.0 - Powered by automated translation

Bitcoin rallied as much as 20 per cent from its Wednesday low, easing concern that an abrupt sell-off in the cryptocurrency might spiral into something deeper.

The digital currency climbed as high as US$10,787.99 in Asian trading hours Thursday, after touching a nadir of $9,009.15, according to prices compiled by Bloomberg. The 21 per cent slump on Wednesday, triggered in part by intermittent outages at cryptocurrency exchanges, came just hours after bitcoin had soared to a record.

_____________

Read more:

_____________

Price swings in the world’s most popular digital currency are increasing as an 11-fold gain this year captivates everyone from mom-and-pop investors to high-frequency traders and Wall Street banks. While the frenzy has prompted bubble warnings from observers including Nobel laureate Joseph Stiglitz, interest among traders shows few signs of abating.

Coinbase, one of the largest bitcoin exchanges, tweeted on Wednesday that traffic on its platform reached an all-time high, even as some users reported service interruptions and delays.

EDITOR'S PICKS
NEWSLETTERS
MORE FROM THE NATIONAL