Bitcoin plunges more than $2,500 after hitting new record

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Bitcoin plunges more than $2,500 after hitting new record – Dec. 8, 2017

Is Bitcoin just 'Tulip Mania', Take Two?

Bitcoin has given investors whiplash yet again.

Just after hitting a new record of more than $17,000, the digital currency plummeted Friday in Asia. Its price nosedived more than $2,500 in less than four hours.

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Bitcoin investors have been on a wild ride this year. Its price has soared from less than $1,000 in January — but with occasional sudden drops along the way.

Trading has become especially frenzied in recent weeks as new investors have dived into the volatile market.

Related: I bought $250 in bitcoin. Here’s what I learned

Arthur Hayes, CEO of Hong Kong-based bitcoin exchange Bitmex, said he thought the sharp correction Friday was “healthy” given that the digital currency’s price had jumped roughly 80% in the past week.

He predicted more sharp moves early next week when the Chicago Board Options Exchange starts allowing investors to trade bitcoin futures.

On Friday afternoon in Hong Kong, bitcoin was trading close to $16,000, according to tracking site CoinDesk, up from its earlier low of around $14,500.

CNNMoney (Hong Kong) First published December 8, 2017: 2:39 AM ET

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