Bitcoin Price Surges Past $9,000, Suffers Brutal Dump

By CCN: The bitcoin price extended its triumphant rally past a new milestone, clearing the $9,000 barrier to set a new 12-month high. Minutes later, a $500 dump sent a chill through the market.

The flagship cryptocurrency had spent most of the morning trading near $8,750, but a sudden surge in volume catalyzed a precipitous rally shortly before noon ET. Bitcoin quickly rallied past $9,000 – the first time it had crossed that market since early May 2018 – setting a new 12-month high at $9,096 on crypto exchange Bitstamp.

The bitcoin price pounded past $9,000 to set a new 2019 high, though it quickly slipped back to $8,800. | Source: Yahoo Finance

Unfortunately, the bears swiftly beat back the advance, and the rally stalled within minutes of eclipsing the $9,000 mark.

The bitcoin price suffered a brutal dump, and by 12:22 pm ET, BTC had careened as low as $8,589 – a decline of $507 or nearly 6% from its daily high.

Click here for a real-time bitcoin price chart.

This is a developing story; check back for further updates and analysis.

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