The price of bitcoin may have just topped $3,000 for the first time, but that doesn’t mean the digital asset is leaving its historical volatility behind.
At roughly 10:00 UTC this morning, bitcoin prices fell abruptly, dropping more than $300 in a span of minutes from $2,980 to a daily low of $2,650. The more than $300 decline came just hours after bitcoin climbed to a new high of $3,000 on the CoinDesk Bitcoin Price Index, a weighted average of prices across major exchanges.
But while precipitous, the decline was short-lived, with prices returning to just under $2,900 a half hour later on the BPI.
According to analysts, early indications are the price capitulation could herald that the bitcoin price has diverged too far from fundamentals.
Read more here: http://www.altcointoday.com/bitcoin-drops-300-one-hour-price-falls-abruptly-rebounds/