Bitcoin coins placed on Dollar banknotes are seen in this illustration picture, Nov. 6, 2017.DADO RUVIC/Reuters
Bitcoin slumped by as much as $1,495 after a record-breaking few days that saw the digital currency move closer to the mainstream through the introduction of futures.
Wednesday's drop did trigger a volatility halt at Cboe, with futures trading paused for two minutes starting at 1:39 p.m. New York time. To calm wild swings, Cboe Global Markets Inc. can halt trading when the futures rise or fall 10 percent.
The price of the largest cryptocurrency by market value fell 4.9 per cent to $16,395 at 2:02 p.m. in New York, after dropping much 8.7 per cent, according to prices compiled on Bloomberg. That's in line with Monday's gain of 9.6 percent and minor in comparison to last Thursday's 20-per-cent surge. Bitcoin is still up about 16-fold this year.