Bitcoin rallied above the $13,000 level Wednesday, adding to its double-digit gains this week.
rallied to its highest price since January 2018 on Wednesday before dropping by $1,000 after U.S. markets closed.
The steep price decline came at the same time as an outage on popular cryptocurrency trading platform Coinbase. A Coinbase spokesperson told CNBC that the site was down "for a short period of time due to high volume." "The scale of the recent appreciation is striking," Jim Reid, Deutsche Bank's multi-asset analyst, said in a note to clients Wednesday. "Obviously recent dovishness from central banks has seen investors look towards alternative currencies, but perhaps Facebook's unveiling of its Libra currency has seen investors look again at cryptocurrencies with fresh eyes."
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