Bitcoin slumped as much as 13 per cent on Thursday after surging to an all-time record in the previous session — a blow to the view that the latest rally is built on long-term foundations, but seen by some analysts as a short-term “correction”.
The exchange rate reached slightly less than $16,320 in morning trading in London, less than 24 hours after hitting a record high of $19,510.
Bitcoin has risen about 50 per cent in the past three months, and about 140 per cent this year, drawing comparisons with its previous boom in 2017. That was followed by a dramatic collapse over the following year from which the market struggled to recover.
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