Bitcoin plunges before Musk tweets help drive torrid rally


A 31 per cent plunge in the morning. A 33 per cent surge in the afternoon.Such was the wild ride bitcoin took investors on Wednesday (US time), lopping off billions in value before comments from some prominent proponents helped propel it on a torrid rebound.Meanwhile Wall Street continued its losing run, with the S&P 500 index down 0.3 per cent, putting the benchmark index on track for its worst weekly loss in over two months. The Dow Jones shedding 0.3 per cent and the tech-heavy Nasdaq finished flat. The Australian sharemarket is set to edge higher with futures at 6.59am AEST pointing to a gain of 4 points at the open.The extreme price swings in bitcoin, 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 wasn’t among the sellers, while…

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