Price of a Bitcoin Tanks 25% in Just 24 Hours

The price of the cryptocurrency bitcoin dropped dramatically Friday, losing 25 percent of its market value within 24 hours. The infamously volatile digital currency was hit by a wave of selling just before Christmas, plummeting by $121 billion of its total market value in less than a week. The quick fall surprised many investors, according to The Wall Street Journal. “There’s been a lot of talk about how bitcoin is in a bubble,” said Jani Hartikainen, a software developer in Finland who owns a slew of digital currencies, including bitcoin. “If I keep holding this, how long is it going to keep going up in value, and if it starts crashing, am I going to have enough time to get out of it?” Hartikainen sold almost all of his position early Friday morning.

Fundstrat co-founder Tom Lee increases his mid-2018 price target on bitcoin to $20,000 from $11,500 based on higher user volume.