When your money makes too much change: bitcoin price plunges
NEW YORK (AP) — What's a bitcoin worth? Lately nobody knows for sure, but it's far less Friday than it was Thursday.
The digital currency slumped 16 percent to $13,133 Friday, according to the tracking site CoinDesk. It fell as much as 30 percent overnight in Asia, and the action was so frenzied that the website Coinbase suspended trading. The steep losses Friday topped a week in which prices fell nearly 40 percent.
As bitcoin skyrocketed this month, the volume of trading was unprecedented as investors hoping to catch a ride up piled in. Prices have risen so fast, the huge losses Friday returned the price of bitcoin only to where it was trading about two weeks ago.