Now bitcoin is crashing along with the drop in technology stocks
Bitcoin topped $3,000 for the first time Sunday.
But the digital currency suddenly dropped Monday afternoon ET, erasing about $500 in value as multiple bitcoin exchanges reported problems.
Bitcoin remains more than 150 percent higher year to date.
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Friday, 9 Jun 2017 | 5:55 PM ET | 01:40
Bitcoin suddenly plummeted Monday, after jumping over the weekend to an all-time high.
The decline came as major U.S. technology stocks fell for a second straight day on concerns that the sector has risen to unsustainable levels.
At least two major bitcoin exchanges also had problems Monday.
"Coinbase is currently experiencing high traffic & customers have receive(d) a 'service unavailable' message when visiting Coinbase.com," according to a statement on the exchange's status website dated June 12 at 2:08 p.m. ET.
The exchange accounts for nearly 17 percent of U.S. dollar-denominated bitcoin trade volume, according to Cryptocompare, and had reported outages in late May amid "unprecedented traffic and trading."
The BTC-E exchange tweeted at 2:06 p.m., ET, that it was hit by distributed denial-of-service attacks, or DDoS.
Bitcoin climbed above the psychologically key $3,000 level Sunday to hit a record high of $3,041.36, according to CoinDesk. The gains were helped by news that several major Chinese bitcoin exchanges were allowing withdrawals of the currency after a monthslong hiatus.
However, a sharp move lower Monday afternoon ET illustrated how volatile the cryptocurrency can be.
Bitcoin suddenly dropped more than 16 percent on the day to $2,532.87 before recovering slightly, CoinDesk data showed. The digital currency was last trading near $2,576.46.
Even with Monday's decline, bitcoin remained more than 150 percent higher for the year so far. The currency first topped the $2,000 level on May 20, less than four weeks ago.
Everytime bitcoin drops there is panic selling and screaming all over the internet.
Everytime bitcoin rises there is panic buying and screaming all over the internet.
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Everytime bitcoin remains... steem goes up :P
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Hope it stays on 2$. It's a great advert.
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the goal was 4$ by the end of June i think... wouldnt be bad at all
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Means the bitcoin should not fall like this
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300+ USD down in a couple hours... b**t hurt
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Bitcoin hacked?
No? So no damage at all to BTC. Price in USD is just a number.
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