The largest digital coin dropped 6.3% to $14,913 at 3:07pm in New York, having earlier climbed as much as 3.6%. Among rival digital currencies, ripple rose 8%, while ethereum and litecoin fell, according to data compiled by Bloomberg.
The relatively quiet day for bitcoin comes on the heels of a five-day slump that reached 44% at its depths and took the coin below $11,000 on Friday. Just four days earlier, it rose within striking distance of $20,000 after a torrid advance that started in early December.
Investors continued to snap up shares in companies often seen as a safer alternative to investing directly in the cryptocurrency itself. Digital Power rose in early trading after saying it’s boosting its computing infrastructure to mine digital coins. On Track Innovation also advanced.
Bitcoin futures on the CME Group exchange slipped 3.6%.
Bitcoin’s volatility is adding to an ongoing debate about how to value the digital coin which has surged about 1,600% this year.
“Nobody knows the ultimate value of this underlying asset,” Edward Stringham, president of the American Institute for Economic Research, a Massachusetts-based research group, said on Bloomberg Television. “We cannot predict whether it’s going to be zero or $1 million or anything in between.”
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you got up voted at 24% by @hamza-arshad
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