bitcoin

Bitcoin rose above the $3,000 key psychological level on Sunday to reach a$ 3,041.36 record, according to CoinDesk. The gains were helped by the news that several major Chinese markets have been allowing Bitcoin to withdraw in the currency after a long period of time.

However, a sharper move lower on Monday afternoon ET has shown how encryption can be volatile.

Bitcoin suddenly dropped more than 16 percent the day at $2,532.87, before recovering a bit, according to CoinDesk. The digital currency recovered at around$ 2,721, shortly after 9:00

Even with the fall on Monday, bitcoin has remained more than 150 percent higher for the year so far. The currency for the first time exceeded $ 2,000, on May 20, less than four weeks ago.