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The bitcoin fell as much as 23% after bordering a historic high earlier in the trading session.
According to Coindesk data, the cryptocurrency exchanged as low as $887.47, retreating from the day's peak price of $1, 153.02. The high for the session was close to the $1,165.89 hit on November 30, 2013. The price managed to regain footing from the low to around $973.89.
Still, the digital currency managed to top its high on some cryptocurrency exchanges. In contrast to CoinDesk price index which takes into account a number of bitcoin exchanges, individual exchanges reported their own highest prices were surpassed. Among these was the BTC China.
Experts say the rally surge in bitcoin prices created a 'volatile little bubble' which has now broken down. Despite this, industry experts say the long-term outlook for the e-currency continues to be positive. Bitcoin prices are anticipated to regain footing and steady close to the $850 to $1, 000 range depending on the conditions.
