Bitcoin suddenly plummeted Monday, amid increased worries that the young digital currency system is growing too quickly. <\/p>\n
The decline came as major U.S. technology stocks fell for a second straight day on concerns that the sector has risen to unsustainable levels. <\/p>\n
At least two major bitcoin exchanges also had problems, while a new blockchain project raised a record high level of funds Monday. <\/p>\n
\"We are seeing greed being exhibited in the open,\" said William Mougayar, author of \"The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology. \"This is not good for the overall ecosystem. Eventually, something more normal will prevail.\" <\/p>\n
Bitcoin one-day performance <\/p>\n<\/p>\n
Source: CoinDesk<\/p>\n
Bitcoin climbed above the psychologically key $3,000 level Sunday to hit a record high of $3,041.36, according to CoinDesk. The gains were helped by news that several major Chinese bitcoin exchanges were allowing withdrawals of the currency after a monthslong hiatus. <\/p>\n
However, a sharp move lower Monday afternoon ET illustrated how volatile the cryptocurrency can be. <\/p>\n
Bitcoin suddenly dropped more than 16 percent on the day to $2,532.87 before recovering slightly, CoinDesk data showed. The digital currency was trading about 11 percent lower near $2,683 as of 4:41 p.m. <\/p>\n
Even with Monday's decline, bitcoin remained more than 150 percent higher for the year so far. The currency first topped the $2,000 level on May 20, less than four weeks ago. <\/p>\n
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\nNow bitcoin is crashing along with the drop in technology stocks - CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"