Bitcoin’s Wild Ride: A Rally, a Rout and Outages on the Exchanges
- Losses topped $2,000 in hours after hitting record $11,000
- Coinbase, other exchanges report massive rise in traffic
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Bitcoin plunged as much as 20 percent hours after a rally past $11,000 generated a surge in traffic at online exchanges that led to intermittent outages.
The plunge capped a wild day for the largest cryptocurrency that included a breakneck advance to a high of $11,434 before the reversal took it as low as $9,009. As of 3:36 p.m. in New York, it traded at $9,911.10, virtually unchanged from where it began the session.