Bitcoin fell by nearly 8 per cent during an hour of frenzied trading on Thursday afternoon in the US, extending a day of losses that have reversed most of the cryptocurrency’s gains since June.
The price of a token briefly fell to as low as $25,409, according to data from CoinMarketCap, before staging a partial recovery.
The whipsaw price action left the digital asset changing hands for 15 per cent less than the $31,814 high registered in July, echoing recent declines in stocks, bonds and other financial assets.
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