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It seems that despite the incredible rally recently, which made bitcoin more expensive than gold for the first time, the cryptocurrency is still volatile and full of surprises.
Earlier today, the BTC/USD exchange rate suddenly dropped $100 per bitcoin in less than an hour, without any apparent reason, from around $1270 to $1170. The price has since partially recovered and is now trading around $1230.
One plausible explanation is that short-term traders are withdrawing from the market and banking their gains before an upcoming announcement on the Winklevoss twins’ first ever bitcoin ETF could cause it ... (read more)