Bitcoin investors around the globe are clenching their fists as the cryptocurrency plummeted $1,000 in less than an hour Tuesday.
The lucrative digital currency dropped from $17,929 to $16,912 between 3:30 and 4:30 p.m. Tuesday leaving investors to anxiously refresh their feeds.
<img src="https://media.8ch.net/file_store/82f2ff83ec3ec2d5bc87db04fa4f29f137fc1dfd2603c57822d448014cb3ac49.jpg" style="max-height:640px;max-width:360px;">
<span style="margin-top:15px;rgba(42,51,6,0.7);font-size:12px;">Credit: CNBC</span>
The cryptocurrency reached a high of $19,800 on Sunday and hit a low of $16,912 just 40 hours later. The volatility is due to the massive influx of investors in recent weeks driving the price up 1,700% for the year. The price of bitcoin was likely affected by the slump in the U.S. Stock market this week.
Investors took the wild day for the market as a sign that the emerging bitcoin mania is getting out of control. The U.S. Securities and Exchange Commission temporarily suspended trading in shares of The Crypto CompanyNULL over concerns of stock manipulation. At the same time, another small company called Future FinTech soared 200 percent briefly despite no apparent connection to cryptocurrencies.
The brand new CME bitcoin futures expiring in January settled 4.7 lower at $18,200 on their second day of trading while the Cboe bitcoin futures contract settled 7.9% lower at $17,555. Bitcoin's rival 'bitcoin cash' surged for the second day in a row up 20% to a high of $2,625.
With its recent surge, bitcoin has become roughly 48% of the total market cap of all cryptocurrencies while bitcoin cash is about 7%.
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