Bitcoin plunges by nearly $3,000 after closing in on its all-time record

LONDON — Bit­coin has plunged by close to $3,000 in less than 24 hours after hit­ting highs not seen since the end of 2017.

The price of bit­coin was trad­ing at $19,374 at 1:45 p.m. Lon­don time Wednes­day when it began its slide. The loss­es accel­er­at­ed overnight, with the price falling from $18,824 at 2 a.m. Thurs­day to $16,857 by 9 a.m., accord­ing to data from indus­try site CoinDesk.

Bit­coin has been on a tear in 2020, sky­rock­et­ing over 150% in a jump cryp­to enthu­si­asts have cred­it­ed to unprece­dent­ed mon­e­tary and fis­cal stim­u­lus in response to the Covid-19 cri­sis, as well as inter­est from big-name investors such as Paul Tudor Jones and Stan­ley Druckenmiller.

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