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Bitcoin Whipsaws Investors With Same-Day Plunge, Rally of 30%

May 20, 2021, 1:05 AM

A 31% plunge in the morning. A 33% surge in the afternoon.

Such was the wild ride Bitcoin took investors on Wednesday, lopping off billions in value before comments from some prominent proponents helped propel it on a torrid rebound.

The extreme price swings in an asset known for its turbulence caused outages on major crypto exchanges and dominated chatter on Wall Street. The tumult elicited a tweet from Elon Musk that implied Tesla Inc. wasn’t among the sellers, while Cathie Wood said her monitors flashed a “capitulation” that put the digital token “on sale.” Justin Sun, a ...

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