Bitcoin slumped for a second day Thursday, taking the digital currency’s losses to more than 10 percent over 48 hours and wiping off billions of dollars from the crypto market, reported CNBC.
The total market value of all cryptocurrencies dropped from $1.07 trillion to $918 billion, as of 11:45 a.m. ET.
“I think you’ve got to accept there’s a tremendous amount of volatility in bitcoin, and it’s still [in its] very early stages,” Anthony Scaramucci, founder of SkyBridge Capital, told CNBC in a phone interview.
The recent enthusiasm for Bitcoin is reminiscent of the Gold Rush in the western United States from 1848–1860, wrote Jim Wiederhold for SP Global. Viewed as one of the least volatile commodities, gold prices during th