Bitcoin whipsawed traders, with the largest cryptocurrency briefly falling below $27,000 for the first time in more than two weeks, amid concern declining participation from institutional market makers will spur more volatile price swings.
The digital currency tumbled about 5% in a matter of minutes in early afternoon trading in New York, erasing an earlier gain. It was down less than 1% to $27,460, after the momentary breach of the lower end of the roughly $30,000 to $27,000 range that it has been in trading in for the past month.
