The digital currency dropped more than 18 percent

Bitcoin plunges 18% after topping $11,000 in extremely volatile trading

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency – the system works without a central repository or single administrator

• The digital currency dropped more than 18 percent from a record high of $11,388.33 to current levels around $9,292 on Wednesday, according to CoinDesk.

• Trading was extremely volatile as exchanges such as Coinbase's GDAX struggled to keep up with the surging demand.
• "There's no fundamental value to any of this stuff and it's all based on ... supply and demand at any point in time," said Leigh Drogen, a former trader who now heads Estimize, a 6-year-old company that collects and publishes financial estimates for data such as earnings.

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