Christine Lagarde

Bitcoin's price tops $10,000, then touches $11,000 — and then drops

Bitcoin's price tops $10,000, then touches $11,000 — and then drops

The price of bitcoin surged through $10,000 on Wednesday, adding to its tenfold jump in value this year and fueling a debate as to whether the virtual currency is gaining mainstream acceptance or is merely a bubble waiting to burst.

Shortly after bitcoin reached $10,000, it surged past $11,000 — and then dropped. As measured by the website CoinDesk, the cost of buying one bitcoin was as low as $9,300 midday Wednesday. A price of one bitcoin had been roughly $1,000 at the beginning of the year.

The vertiginous rise in the price of bitcoin and other virtual currencies this year has divided the financial community on their merits and whether — or when — the value might come...

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