Mubasher: After surging by more than $1,000 in 12 hours, Bitcoin lost around $2,000 today.
Bitcoin exceeded $10,000 on Tuesday, and hours later during today’s trade the cryptocurrency surpassed the level of $11,000, before retreating to $9,500.
This has raised concerns that a rapidly swelling bubble could be set to burst in spectacular fashion, as Reuters noted.
Bitcoin surged by more than 1,000% since the beginning of 2017, while increasing by 15% on Wednesday, however, excessive selling for profit making has led the digital currency to stumble.
Another analyst believes the bitcoin bubble is going to get a lot bigger from here due to the global nature of this unique asset.
It is worth noting that bitcoin started from the price of 6 cents seven years ago, less than $1,000 at the beginning of the year.
