Bitcoin suffered a steep drop in recent trading, showing that the world’s largest cryptocurrency hasn’t shaken its tendency for big drops despite continuing to gain acceptance within the mainstream financial world.
Data from Coin Metrics shows bitcoin was trading above $72,000 late Thursday night before falling to about $67,000 on Friday, a decline of roughly 7%. The price had rebounded to about $68,900 on Friday afternoon.
It was not immediately clear what caused the drop in bitcoin, but the nature of volatility has never changed.
Bitcoin is still up about 60% year to date. The cryptocurrency has climbed over the past few months, in part due to anticipation and then demand from the new bitcoin ETFs that launched in the U.S. in January.
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