At noon on Thursday, Bitcoin was worth more than $8,000. At roughly the same time Friday, it was down to $6,900.
The volatility that has scared off so many cybercurrency investors over the past few years roared back this week, emphasizing once again that despite the wild spikes digital currencies have seen recently, the laws of gravity still very much apply.
Bitcoin was down more than 12% as of 12:15pm ET, according to CoinDesk. And all other major cryptocurrencies were showing similar percentage losses. The price of Ethereum was down almost 18%, while Litecoin and XRP both tumbled nearly 15%.
Profit taking seems to be behind the drop. Bitcoin has jumped 30% in value over the past week, climbing from below $6,000 to over $8,000.
The surge came amid fears of an escalating trade war with China and with news that more and more retailers have begun accepting the digital currency. Whole Foods, Nordstrom and Crate and Barrel are among the latest. The currency has also withstood accusations from New York’s attorney general that notable exchange Bitfinex has used illicit transactions to mask $850 million in missing funds.
Even with today’s drop, prices for the currency have more than doubled since mid-December.
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